White Hall aldermen restructure bonds for lower interest rate

WHITE HALL — White Hall aldermen approved an ordinance Tuesday to retire two existing utility revenue bonds issues with the proceeds of a $2.54 million bond issue at a lower interest rate.

City Council members were told the refunding issue will save the municipality $129,000 over the next 15 years because of lower interest rates.

The 2013 water and sewer bond issue will be retired in the same time period as the 1999 issue with an interest rate of 3.25 percent and 2007 issue with an interest rate of 4.28 percent. However, the interest on the refunding issue, which will be purchased by Crews and Associates Inc. of Little Rock, is 2.6 percent.

Mayor Noel Foster said the new issue will close March 5.

In other business Tuesday, aldermen approved amendments to the 2012 municipal budget. The 2013 budget was adopted last month.

Foster delivered his third State of the City address and presented Jay Tucker a proclamation citing his 20 years’ service on the White Hall Planning Commission. He has been named to the municipal Finance Committee.