With the recent low interest rates, the City and Development Authority explored refinancing the 2004A, 2004B and 2007 bonds. The City issued and RFP on behalf of the Authority. Twenty five requests were issued with 3 bids returned. BB&T returned a winning bid as detailed in the packet. For Council consideration and approval is a resolution approving the issuance by the Hapeville Development Authority of $4,705,000 Revenue bonds to refinance the Series 2004A, 2004B and 2007 Bonds and approving an Intergovernmental contract between the Authority and the City securing the Bonds in order to effect approx $120,000 in interest cost savings by lowering the interest rate from approx 4.5% to approx 2.4%".
An additional document will be uploaded to the City's website on Monday.