These bonds will pay off and refinance the 2002 utility bonds at a lower rate. This supplemental resolution, according to the city, will supercede the Parameters Resolution, enacted at the Sept. 25 regular meeting.
By doing this, City Commissioner Dick Morrow explained last month, the city will save an estimated $8.5 million over the term of the bonds because of the current low interest rates.
“We’re not going through this for the fun of it,” Morrow said.
Bond pricing is scheduled to occur just shortly before the regular city commissioners meeting tonight. The preliminary life of this new bond will run from January 2013 through Jan. 1, 2032, based on documents provided by the city.
(For the complete story, see tomorrow's print edition.)