Black Jack Bond Refunds To Save City $190,000
The Black Jack City Council Meeting, at its last meeting, the city council and mayor were informed by a member of the Investment Firm Stifel Nicolaus, that the refunding of the city’s bonds will save Black Jack and its residents $190,000, which is equivalent to a lower refinancing rate.
The City was also commended by Stifel Nicholaus on receiving an A1 rating, which is very unusual for a city the size of Black Jack. The city was advised about two weeks ago during a reviewing in the current rate for refunding the bonds, the savings to the City and its residents would have been about $130,000 But as of Tuesday, April 17, due to market conditions, the savings is over $190,000.
Bob Ballsrud and Erick Creach from Gilmore and Bell, the underwriters for the bonds commended the city’s staff on their hard work and diligence in cooperating with them through the rigorous process of refunding the bonds. He stated each request received a response from the City within minutes.
Mayor Norm McCourt stated, “I am pleased that we were able to refund the bonds and provide a substantial savings to the residents of the City, I was particularly grateful in receiving the A1 bond rating for the City and the comments we received on the excellent financial position of the city and its operations.”
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