City of Burlington to Refinance $5.6-Million in Bonds

THE BURLINGTON CITY COUNCIL…MINUS BECKY SHOCKLEY…SET MARCH THIRD PUBLIC HEARINGS ON NEXT YEAR’S BUDGET AND ON THE REFINANCING OF 5.6-MILLION DOLLARS IN DEBT FROM SEVERAL YEARS AGO.

 

BOND COUNSELOR TRAVIS SQUIRES OF PIPER-JAFFRAY  SAYS THE PAYOFF WILL TAKE A BIT LONGER THAN HE HAD HOPED…TIL 2031…BUT HE DOESN’T THINK IT’LL NEGATIVELY AFFECT THE CITY’S BOND RATING…SOMETHING THAT COULD MEAN HIGHER INTEREST RATES IN THE FUTURE.   THE PROJECTED RATE ON THESE BONDS IS ABOUT 1.5%, DOWN FROM 3.8 PERCENT.

THE CITY IS SCHEDULED TO HAVE A CONFERENCE CALL WITH MOODY’S BOND-RATING OFFICIALS THIS(WED) AFTERNOON.

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