Wednesday, January 25, 2012
2:29 PM on Wednesday, January 25, 2012
City refinances bonds to save money
BREEZY POINT CITY COUNCIL
By Kate Perkins
Staff Writer
In a meeting so short it might have set a record at four minutes, the Breezy Point City Council passed a single motion at a special meeting Monday, Jan. 16.
The city will refund two of its bonds, saving around $250,000 over the life of the bonds.
The city is getting a credit rating from Standard and Poor's. The city's consultant for the process, Steve Mattson of Northland Securities, recommended the city get the rating and said he expected the city will get at least an A rating.
The two bonds being refunded are a 2004 public safety bond and a 2007 general improvement bond.
The combined amount of bonds being refunded is not more than $2,225,000.
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