Council votes to approve refinancing
The Boonville City Council passed an ordinance Tuesday afternoon at a special meeting, which would save the city almost $600,000 in the next 15 years.
Ordinance number 2013-12, which included almost three pages of information allowed the city to re-finance its bonds to a lower percentile rate by United Missouri Bank (UMB).
The ordinance authorized the city to lease certain real estate improvements, approving the sale and delivery of its refunding certificates for purposes of providing funds to re-finance capital improvement projects and authorizing and approval documents pertaining to the certificates.
The vote passed unanimously.
Boonville City Administrator Irl Tessendorf, said the savings each year allows the city to focus on other projects.