Skip to main content

City looks to save some cash

January 29, 2011

Big Spring City Council this week acted on a measure that might help take a small bite out of the city's bond debt, a move that could save taxpayers between $5,000 and $25,000 a year.

The council met with Lubbock-based First Southwest representative Eric Macha regarding general obligation bonds that were issued in 2002. According to Macha, the bonds — which if left on their current course will be paid off in 2014 — are eligible to be refinanced at a lower interest rate that could save the city thousands of dollars during the next three years.

“How much the city can save depends solely on the interest rates, and no one really knows what they will do,” Macha told the council members. “They reached an all-time low recently. However, based just on a .01 percent change, that can change the amount saved from the $25,000 we're looking at now to something much lower.”

Macha explained to the council the move — which, for reasons of simplicity Mayor Tommy Duncan referred to as refinancing — would not effect the pay off date, a fact many of the council members were very pleased with.

For more information, you may subscribe to the Big Spring Herald or purchase an e-edition.

With the Big Spring Steers sitting 24 points out of first place at the halfway point of the 2015...
The Grady Wildcats are are headed to the championship game at the Class A boys’ state basketball...
High school track and field action will take center stage this afternoon as the 2015 Big Spring...
New Listings!! 3807 E. HWY. 350 2600 BIRDWELL Lane
NEW LISTINGS 901 Runnels 2606 E.24th 2602 Coronado
Disney releases the new song, “Make Today the Perfect Day,” from the "Frozen Fever" short film.

 

Premium Drupal Themes by Adaptivethemes