City to refinance $47 million bond

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By Rebekah Martin
Associate Editor

The Opelika City Council approved a resolution at Tuesday’s meeting authorizing General Obligation Warrants that were originally issued in 2007 “to advance, refund and redeem certain outstanding revenue bonds …  by the Public Park and Recreation Board.” The city borrowed $47 million eight years ago to fund several projects, including the construction of the Opelika Sportsplex and Aquatics Center. Due to “current market conditions,” it is in the city’s best interest to refinance these bonds. Doing this will save the city $1 million in interest costs. Eddie Smith Jr., city council president, said this move will help free up cash flow and allow the city to continue to follow through with the road rehabilitation program and other projects.
In other business the council:
-approved an amendment to the city code that will regulate wrecker services.
-Awarded two bids for 10 cardboard recycling cage trailers and a 015 Peterbilt model 320 chassis with McNeilus model 2849 truck for the solid waste department.
-Approved expense reports from various departments.
-Approved a resolution authorizing a special appropriation for the Erosion and Sediment Workshop to be held at Auburn University next month.
-Approved annual appropriation contracts with the following organizations: the Chamber of Commerce, the J.W. Darden Foundation, Opelika Main Street and Storybook Farm.

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