LB - Grand Canyon Rail

Home | Classifieds | Place an Ad | Public Notices | Galleries | Opinions | Obituaries | Contact Us | Subscribe | e-newsletter | RSS |
Williams News | Williams, Arizona

home : latest news : latest news April 29, 2016

1/29/2013 10:28:00 AM
City of Williams refinances bond for $372,000 in savings

Marissa Freireich
Williams-Grand Canyon News Reporter

WILLIAMS, Ariz. - The city of Williams will save an estimated $372,000 after Williams City Council members voted to approve an application to refinance a bond at the Jan. 24 meeting.

The 2003 Greater Arizona Development Authority bond was used for upgrades to the water plant.

Phong Pham of RBC Capital Markets, the city's financial advisor, presented the numbers to the council.

The original amount of the bond, which was issued in October 2003, was $3,590,000.

The average interest rate on the 2003 bond was 4.837 percent. Pham estimates the interest rate after refinancing the bond would be about 3.031 percent, including costs associated with issuing the refunded bond.

"The interest rates are at all-time historic lows," Pham said.

While the city will save the most money in the first three years, it will save a total of $372,702, or 13.67 percent, by refinancing the bond.

City Manager Brandon Buchanan said the city will actually save about $330,000 with fees associated with refinancing included.

Those figures could change if interest rates change between now and when the city plans to refinance the bond in May.

Council members also voted to approve Request for Proposal documents for the city's general plan.

The city is required by law to update the plan at least every ten years. Since the city last updated the plan in 2003, it must update the plan again by the end of 2013.

The fiscal year 2013 budget allocates $20,000 for the project.

In the past, the city has contracted with outside planning firms to put together the general plan.

"It's a pretty big undertaking and we just don't have the staff in place to do it ourselves," Mayor John Moore said.

With approval from council members, city staff will begin the solicitation process for contractors.

    Recently Commented     Most Viewed
Editorial: Commenting to move to Facebook
New maintenance coordinator at Williams Airport
Williams School Board Candidates face off in candidate forum
Hunters shoot prairie dogs at Williams Elementary-Middle School
Composer Ted Nichols, known for his Scooby Doo and Flintstones scores, continues his varied musical career from his home in Williams

Article Comment Submission Form
Comments are not posted immediately. Submissions must adhere to our Use of Service Terms of Use agreement. The email and phone info you provide will not be visible to the public.Rambling or nonsensical comments may not be posted. Comments are limited to 1300 characters or less. In order for us to reasonably manage this feature we may limit your comment entries to five(5) per day.
Submit an Article Comment
First Name:
Last Name:
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.

Advanced Search

HSE - We want to hear from you
Find more about Weather in Williams, AZ
Click for weather forecast

Find It Features Blogs Milestones Submit Extras Other Publications
Home | Classifieds | Place an Ad | Public Notices | Galleries | Opinions | Obituaries | Contact Us | Subscribe | e-newsletter | RSS | Site Map
LB - Best Western Grand Canyon Squire Inn

© Copyright 2016 Western News&Info, Inc.® Williams-Grand Canyon News is the information source for Williams, Arizona and surrounding communities. Original content may not be reprinted or distributed without the written permission of Williams GC Newspapers Inc. Williams News Online is a service of Williams GC Newspapers Inc. By using the Site, ®, you agree to abide and be bound by the site's Terms of Use and Privacy Policy, which prohibit commercial use of any information on the site. Click here to submit your questions, comments or suggestions. Williams News Online is a proud publication of Western News&Info Inc.® All Rights Reserved.

Software © 1998-2016 1up! Software, All Rights Reserved