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Refinancing certificates expected
to save city over $319,000
(02/06/14)

by Dolores Hamilton
Monday night the Iowa Park City Council authorized the issuance of certificates of obligation for the refunding of the Series 2005 and Series 2006 Certificates of Obligation.

According to City Manager Mike Price, projected savings from the refunding of these two obligations is expected to be $319,616.56 over the remaining 13-year life of the obligations.

Murphy Davis with Sentry Management was at the meeting to explain the refunding process. He said when the two certificates of obligation were issued interest rates were considerably higher. “This is a really good time to look at refunding some of the outstanding debt to reduce the overall interest cost to the city,” he told the council.

Davis added that the City of Iowa Park was just upgraded to AA- by Standard and Poor’s Ratings Services. “To get an upgrade in this environment, kudos to you,” he said.

Price said the issuance of the 2014 certificates of obligation for the wastewater reuse project will be on the agenda for the March 10 meeting of the council.