The Florala City Council Monday completed a partial refinancing of a 2009 bond issue, which put $263,636 in its coffers for use on capital projects over the next three years.

Britton Henig of Frazer Lanier Company, who handled the issue for the city, said when he began working on the refinance, he expected it would give the city $193,000. The refinance extended the bonds by six years, and kept the payments at the current rate.

The transaction was possible because interest rates are lower, Henig said.

It didn’t take long for the council to being spending the money. Council members agreed to spend up to $38,000 to purchase digital radio equipment for its police and fire departments. Jay Spurlin of SPC Communication explained that all the county, as well as the cities of Opp and Florala have already moved to digital radios, and recommended that Florala follow suit.

Mayor Robert Williamson said the council has not decided exactly what other projects it will tackle with the proceeds.