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City staff gets OK to resell bonds

February 8, 2011

With barely a quorum, the Big Spring City Council approved a measure Tuesday night that could save the municipality thousands of dollars in the coming years on general obligation bonds.

The council — with members Stephanie Horton (District 1), Manuel Ramirez Jr. (District 2) and Terry Hansen (District 6) absent — approved the ordinance on a unanimous vote, giving the city administration the go-ahead to refinance bonds in an effort to take advantage of lower interest rates.

According to City Finance Director Peggy Walker, the measure will allow the city administration to re-sell bonds quickly as long as the overall savings is $5,000 or more and the change won't lengthen the period it takes for the note to be paid off.

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