City hits homer on bond refinancing

HAMILTON - The choice to re-enter the bond market in hopes of lowering interest rates has resulted in an out-of-the-park homer for the Hamilton City Council.
When it voted to refinance the 2014 bond issue in July, it was estimated the city would save about $400,000. Instead, financial officers were able to secure savings of more than $645,000, earning commendation from the city’s bond counsel, Rod Kanter.
Kanter, of the Birmingham-based law firm Bradley Arant Boult Cummings, appeared at the Tuesday, Sept. 3, council meeting to formally present the results from the refinancing effort. He said the city’s savings percentage more than doubled the savings benchmark for these types of transactions.

 


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