The city is looking to refinance general obligation bonds beginning from 2007. T he city's finance department believes that after looking for the best interest rates available that the city could save up to $60,000 annually beginning in 2010 through 2020.
This method of sale offers flexibility and provides the opportunity to price a refunding issue whenever market conditions are favorable, said Mindy Patterson, the city's director of finance.
This ordinance would allow the finance department for a six-month period to look at different rates and taking action on their own. However, if they haven't made a move after the six months, it will have to go back to city council.