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.

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