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.
“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.