Council convenes Monday

February 5, 2011

Final reading of a measure that could help the municipality save between $5,000 and $25,000 a year tops the agenda for Monday night's meeting of the Big Spring City Council.

The meeting — which was rescheduled for Monday to avoid conflicts with Howard County Day in Austin — is set to get under way at 5:30 p.m. in the City Council Chambers, located at 307 E. Fourth St.

According to Lubbock-based First Southwest representative Eric Macha, general obligation bonds issued in 2002 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.”

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