Following a move by the Piedmont City Council on Tuesday, the city will soon begin to save a significant amount of bond interest money.
After hearing from Matt Parker of Joe Jolly & Co, a Birmingham based brokerage firm, city officials voted unanimously to allow the firm to refinance the city’s water, gas, and sewer bonds, which were first issued in 2010.
According to Parker, the new 2019 issued bonds will still mature in 2040, but with a lower interest rate of 3.99%, down from 4.22%. City officials expect to pay about $111,000 less interest over the next 17 months.
In other business, bills for payment were approved in the amount of $690,143.44.
The next regular Piedmont City Council Meeting is scheduled for Tuesday, April 2nd, immediately following the work session, which is set for 5:30pm.