Arnold Likely to Refinance Municipal Bonds
Arnold councilmen need to decide how to use $1.25 million bond reserves, $200,000 annual savings in debt payments.
The City of Arnold has a difficult but pleasant decision to make in this bond market. The city could save about $200,000 yearly, until they year 2027, if councilmen decided to refinance Arnold’s municipal bonds issued in 2003. The 2003 bonds were used to build the Arnold Recreation Center at 1695 Missouri State Road. ________ Poll: How should the city use the money saved? Let us know in your vote at the end of the article. ________ “We are at historic, historic low interest rates,” said Carl Ramey, the Stifel Nicolaus public finance advisor for Arnold. Refinancing would have city issue new bonds, this year, that have a lower interest rate to essentially replace the bonds issued nearly 10 years ago. Refinancing would also free $1.25 million…
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Doris Borgelt
4:33 pm on Friday, March 30, 2012
It seems there has been an unfavorable change in the bond market and there will no longer be any savings upon refinancing of this debt. So things will remain as they are currently and we will wait to see if another opportunity comes along. more ›