Lower interest saves city bucks
Published 1:19 am Sunday, October 28, 2001
By By SHERRY DIGMON
Advance Staff Writer
The Atmore City Council took advantage of lower interest rates to refinance a $1.7 million general obligation loan.
Mayor Howard Shell called a special meeting of the council Friday morning to discuss the two proposals received.
United Bank's proposal was at 4.85 percent tax free obligation to the bank, with 84 payments and a penalty for pre-payment.
First National Bank's proposal was at 3.95 percent fixed rate, with a term up to seven years and no fees of any type.
The council voted to accept First National Bank's proposal.