Please Review the Bond Ordinance Attached, this is to take advantage of low interest rates and refund the City's Utility Fund Debt and Mall Debt at a lower interest rate.
RECOMMENDED ACTION:
Staff Recommends that City Council approve this ordinance
CITY MANAGER APPROVAL:
Fiscal Impact
Fiscal Year:
2021
BUDGETARY IMPACT:
This Bond Refunding will save the City of Palestine at least $1.2 million over the next ten years in the Utility Fund and at lease $220,000 in the Mall Fund.
