City refinances bond debt

Published 4:58 pm Monday, July 11, 2011

The Atmore City Council took steps Monday that will likely save money in coming years.

Council members approved a refinancing of the city’s bond debt on the Rivercane project, locking in an interest rate for the next 25 years.

Louis Cardinal of Thornton Farish Inc., a Montgomery investment firm, said he had been working on the project for about a year.

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“This will permanently finance the $6 million loan for the land,” he said.

Cardinal, working with bond attorneys from Birmingham firm Bradley Arant, secured a 4.47 percent fixed interest rate for the loan.

“That was outstanding,” Cardinal said. “We’re real pleased with the transaction.”

Council members passed a resolution approving the refinancing, which will close at the end of the month.

“You have positioned the city to service its financial obligations without any problems,” Mayor Howard Shell said.