The Olney Enterprise (Olney, Tex.), Vol. 106, No. 2, Ed. 1 Thursday, March 13, 2014 Page: 10 of 10
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10 • The Olney Enterprise
www.olneyenterprise.con
Thursday, March 13, 2014
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The Olney Enterprise still tographer. Photos may be
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YOUR SHOTS - During recent spring cleaning at the
ity of Olney office, Ronnie Cowart unearthed two ole
Tlney Hotel" rate cards. The cards show the going roon
City of Olney office, Ronnie Cowart unearthed two old
IneyHt
rate as $1.75 for <
(above), and also list some helpful local teleph
numbers (at right).
(Photos Courtesy Ronnie Cowart)
; person and $2.75 for two people
lephone
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By Brian Rash
Med/a News Service
The future of the trans-
portation and equipment
finance rates for Young
County remains uncertain,
as an indecisive commis-
sioners court could not agree
Monday morning on a rate
between American National
Leasing and First National
Bank.
The commissioners court
was unable to manifest a
majority vote in the decision
to select either American
National, which submitted a
final bid rate of 2.20 percent,
and First National Bank,
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which through representa-
tive Stewart Cobb submitted
a rate of 2.25 percent. The
end vote from the motion
to select First National's of-
fer of 2.25 percent came in
at 2-1-2, with Commission-
er Mike Sipes and County
Judge John Bullock abstain-
Commissioners Matt
uitt and Jimmy Wiley vot-
ing to select First National's
offer, and Commissioner
Stacey Rogers voting against
selecting First National to re-
finance, among other items,
ing,
ung County's entire
ile flei
Yoi
? fleet.
The indecisive will of the
court came primarily as the
result of a more than month
old bidding war between the
two financing companies,
during which Cobb said
multiple times that the num-
bers projected from Ameri-
can National were "fuzzy."
Cobb reiterated that senti-
ment at Monday morning's
Young County Commis-
sioners Court meeting, in-
forming the court that even
though his company's fi-
nance rate was .05 percent
higher than American Na-
tional's offer, it would save
the county several thousand
dollars between the two.
"I am the one who initially
set up the loan when I was
with American National,"
Cobb told the court, adding
that he knew the start date
and the end date of the loan
now being offered by the fi-
nancing company.
Despite Cobb's confidence,
both Sipes and Bullock ab-
>ting
tha
each wanted to better
derstand what was going on
with the confusion in Ameri-
can National's offer.
Likely further complicating
the matter, American Na-
tional representative Mike
stained from voti
motion, stating that they
Cuba was not able to attend
Monday's meeting.
After the court's vote failed
to yield a selection of either
company, a frustrated Cobb
withdrew his company's bid
and exited the court room.
"I don't understand this
court's decision," Cobb said.
"I'm on the record as having
saved you money. I with-
draw my bid."
After Cobb left the meet-
ing, the commissioners court
drew out its various posi-
tions.
"When the numbers come
out and it looks like what it
looks like, that's a red flag,"
Commissioner Wiley said of
American National's offer.
"I regret that Mr. Cobb
didn't understand my posi-
tion in voting the way I vot-
ed today," Sipes said. "But
when it comes to monetary
decisions pertaining to this
county, I want to make the
proper ones."
Judge Bullock stated that
he simply wanted to better
understand how a 2.25 per-
cent interest rate saved the
county more money than a
2.20 percent rate given the
same balance and the same
length of time, and that he
didn't feel he could vote on
the motion without further
clarification.
Rogers stated that he
wasn't sure how much lon-
ger a 2.20 finance rate would
remain in play, and added
that it was unprofessional
of the court to draw out the
bidding process.
"The way this commission-
ers court has acted in the
past two months, do you ex-
pect anyone to want to work
with us?" Rogers asked.
The agenda item was set-
tled after the court unani-
mously agreed to consider
refinancing at the next meet-
ing, Monday, March 24.
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Kimbro, Mindi. The Olney Enterprise (Olney, Tex.), Vol. 106, No. 2, Ed. 1 Thursday, March 13, 2014, newspaper, March 13, 2014; Olney, Texas. (https://texashistory.unt.edu/ark:/67531/metapth836929/m1/10/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Olney Community Library.