Florala to partially refund ‘09 bond issue, use cash for unnamed projects

Published 12:00 am Friday, November 6, 2015

The Florala City Council agreed Thursday to partially refund its 2009 bond issue, a move that will give the city $193,890 for capital improvements.

Council members considered three proposals from the Frazer Lanier Company before opting to extend the terms of its bonds by six years, keep the payment at the current rate, and put itself in a position to use the additional funds for capital improvements.

The transaction is possible because interest rates are lower, according to Britton Henig, who wrote the proposal for the city.

The capital improvement funds must be spent in three years. Council members said there are many areas of need in which the funds might be spent, but took no action Thursday.

In other business, the council:

• Granted permission for the 24th of June Committee to have the James Gang at the lake as a fundraiser Nov. 11-15. The James Gang will pay the city $75 per day plus purchase a business license.