Council authorizes firm to proceed with refinance
Published 1:21 am Wednesday, November 29, 2017
The Opp City Council on Monday night authorized Stifel, Nicolaus & Co., to proceed with securing savings for the outstanding portion of Series 2011-A general obligation warrants.
The city has been discussing doing this for some time, but needed to organize it so that they did not violate the $10 million rule for debt.
Opp Mayor Becky Bracke said the resolution does not lock in the city, they are simply seeing what the bond rates are.
Councilmember Skipper Spurlin abstained from voting and recused himself from any discussion because he serves on the Mizell Memorial Hospital board of directors.
A portion of the bond, about $6 million, was used to help Mizell Memorial Hospital get out of debt and keep the doors open in 2011.
The resolution passed, with Bracke voting, due to the fact that councilmember LaVaughn Hines was absent and Spurlin was unable to vote.