August 19, 2020
By News Director Jared Atha
The Elk City Commission decided to pay off debt, that will ultimately save the city a considerable amount of money.
The commission approved to move forward with the payments during their regular meeting, and while acting as the industrial authority on Wednesday.
The first payment approved was for just under $59,500 to buyout on a contract with NEC Financial Services, LLC for the phone system for the city. Interim City Manager Tom Ivester says it will be paid off with funds from the City Manger’s discretionary fund, which is a budgeted item.
City Treasurer Lisa Church says by paying off the debt, the city will save nearly $10,000.
The second payment approved was to payoff the Elementary School Loan with First National Bank and Trust. The payment approved was for just over $2.8 million. Ivester says while he along with Church were reviewing certificates of deposit the city has, they discovered it would save the city a significant amount of money if the loan was paid off with the CD immediately.
Church says by paying this debt off, the city could save up to $800,000.
