The Dresden Board of Mayor and Aldermen approved the method of financing for the purchase of property on American Drive for public use, during their regular monthly meeting on Monday, September 10.
The board approved a resolution authorizing the sale of interest bearing capital outlay notes not to exceed $110,000 to fund the purchase of property located at 191 American Drive in Dresden.
Upon approval of the Tennessee Comptroller of the Treasury, the money will be borrowed from the Water & Sewer Fund and placed in the General Fund. The money shall be repaid within a three-year period. The sale involves purchasing a 10.5 acre tract of land from Johnny and Gail Farms, Inc., which has two barns that were built approximately 38 years ago.
(See complete story in the September 12th issue of the Dresden Enterprise.)