Apr 30, 2014 9:02 AM by AP (MGN Online)
The Alexandria City Council has approved refinancing of bonds to save the city more than $700,000.
The Town Talk reports Tuesday's move allows for refunding Series 2004 sales tax bonds totaling $6.8 million.
After all costs associated with the refinancing are paid, the net savings total $718,235. That's according to Grant Schlueter of the New Orleans law firm of Foley & Judell, which is handling the refinancing.
The bonds were rated AA by Standard & Poor's, which Schlueter said is a better rating than most Louisiana municipalities receive for bond projects.
Since 2002, the city has refunded six bond issues to get better interest rates, providing for total net savings of more than $6.7 million.
17 hours ago