The Sealy City Council approved the refinancing of their bond debt at Tuesday’s meeting.  John Roebuck with OK Financial Securities gave a presentation to council explaining that interest rates are at an all time low and the opportunity for the city to save on outstanding debts was available.  The city currently has $1,105,000 worth of debt that is currently financed at 3.8%.  Mr. Roebuck clarified that this was not a restructure but, was simply an interest cost play.  The goal is to take some of the current debt financed at 3.8% and see if it can’t be lowered to 1.5-2% resulting in a savings in interest to the city.  Mr. Roebuck explained that this move could result in a savings to the city of $64,791 overall.  Council approved the recommendation to move forward.

The presentation and discussion can be viewed from 00:17:45 to 00:25:53 of the video below.

 

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