The White Hall City Council Tuesday evening was expected to approve a proposed ordinance to pay off two existing utility revenue bonds issues totaling $2.54 million with proceeds a new bond issue with a lower interest rate.
Mayor Noel Foster said the refunding issue should save the municipality $120,000 over the next 15 years because of lower interest rates for tax exempt municipal securities.
The retirement period for the 2013 water and sewer bond issue is the same as that for the 1999 and 2007 issues that will be retired, he added. Crews and Associates Inc. of Little Rock has agreed to purchase the new bond issue, according to the ordinance.
In other business Tuesday, aldermen adopted an amended 2012 municipal budget. The 2013 budget was adopted in December.
Municipalities frequently amend budgets adopted a year earlier to balance revenues and expenditures. The General Fund allocation, for example, was increased from $2.22 million to $2.34 million, which included $116,951 in addition revenues.
In many instances the amendments involved line item changes when revenues ran higher than projections and expenditures were lower.
Foster delivered his third State of the City address, identifying accomplishments of the past year and planned improvements during the coming year.
The council also approved membership of four standing committees: Finance; Street, Water and Sewer; Fire, Police, Park, Ordinance and Personnel; and Museum.