McAlester News-Capital, McAlester, OK

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August 13, 2012

Council to consider calling another special election asking voters to OK bond refinancing

By James Beaty Senior Editor

McALESTER — McAlester city councilors plan to consider calling a special election to ask voters to approve a couple of measures — one to refinance a city bond package, and the other to borrow the money the city is projected to save in interest.

During their regular monthly meeting set for 6 Tuesday night in the Council Chambers at City Hall, city councilors are set to consider passing measures  designed to culminate with a special city election to  decide the questions.

City Manager Pete Stasiak said it will involve no additional cost to the city to refinance the bond in question, nor will it extend the time the bond payments must be made.

It’s all about getting a lower interest rate, according to Stasiak. The city wants to refinance its 1999 A bond, he said.

“If we can get a lower interest rate, we will not extend the length of the bonds,” Stasiak said.

He contends  the refinancing option could literally save the city millions of dollars.

“That would generate $8 million and keep our payments the same,” Stasiak said.

The saved money, he said, could be put into the city’s street projects.

While Stasiak offered a simple summary of the city’s wishes, related items as included on the Tuesday night council meeting agenda are a little more weighted with verbiage.

See more in the Wednesday edition of the News-Capital.

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