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Altoona council approves refunding plan for 2016C bonds, projects $1.3M savings
Summary
The Altoona City Council approved a resolution authorizing a Preliminary Official Statement and parameters to issue General Obligation Urban Renewal Refunding Bonds, Series 2026A, to refinance the 2016C series; Finance Director Andy Lent said the move should save about $1.3 million over 10 years.
The Altoona City Council on Jan. 19 approved a resolution authorizing a Preliminary Official Statement and parameters to accept a Bond Purchase Agreement to issue General Obligation Urban Renewal Refunding Bonds, Series 2026A, refinancing the 2016C series.
Finance Director Andy Lent said the refinancing is intended to obtain a better interest rate and "approximately save $1.3 Million over ten years." The council voted 5-0 to approve the resolution.
The action authorizes staff to complete the normal bond-issuance steps, including circulating the Preliminary Official Statement and executing a Bond Purchase Agreement within the parameters the council approved. The council did not specify the exact issuance date or final interest rate at the meeting; those details will be set as the sale process advances.
City officials characterized the measure as a debt-service restructuring to lower long-term interest costs. No public comment was recorded on the item and no amendments were offered during council discussion.
The council adjourned at 6:46 p.m.; staff will proceed with the next administrative steps required to complete the refunding.
