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Council authorizes refunding that officials say will save about $1.14 million
Summary
Council approved resolution 26-03 to refund outstanding general obligation debt with Atlantic Union Bank at a fixed 3.74% rate; staff and financial advisor Davenport estimated present-value savings of roughly $1.14 million and said the loan carries flexible prepayment provisions.
The Williamsburg City Council approved resolution 26-03 on March 12 to refund outstanding general obligation debt for the city’s police station and public-works facilities after staff and financial advisors said bank proposals produced substantial savings.
Tyler Smith of Davenport summarized responses to a request for proposals and…
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