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Athens council approves bond refunding to refinance pool debt, citing interest-rate savings
Summary
The Athens City Council unanimously approved an ordinance to issue up to $4,905,000 in refunding bonds to refinance existing debt on the city’s swimming pool, a move city leaders say will lower interest costs and stabilize annual debt service.
Athens City Council on Oct. 6 unanimously adopted an emergency ordinance authorizing issuance of up to $4,905,000 in bonds to currently refund all or a portion of outstanding debt issued to build the city’s swimming pool facility.
Council members and city officials said the refinancing would not create new debt but would replace higher-rate bonds with lower-rate refunding bonds to produce interest savings and stabilize annual payments. "This is about saving some money," Acting President Micah McCary said during a…
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