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Gulf Shores Council OKs $17M bond issue
$10 million to go to new projects; remainder represents refinancing of old debt Wednesday, April 30, 2008 By RYAN DEZEMBERStaff Reporter
GULF SHORES Aiming to pay for a list of projects that includes the city's new tennis center at Johnnie Sims park, a new fire station and storm shelter near Jack Edwards Airport and the renovation of three public buildings, the City Council on Monday voted to issue $17 million in bonds.
Of that total, about $7 million was raised to refinance existing debt from 1996 and 1998 bond issues, city officials said.
In doing so, taxpayers will save about $436,000 over the life of the old debt, said Ken Funderburk, an executive vice president of Merchant Capital, the Montgomery-based investment bank that handled the bond sale.
Gulf Shores hasn't extended how long it will be making payments on the old debt but merely cashed in on lower interest rates, said Funderburk, a former director of the Alabama Development Office.
"You just took what you had and exchanged it for a lower number and some savings," he told council members Monday.
Mayor G.W. "Billy" Duke III also said by refinancing, the city will be able to defer about $235,000 in payments ... more
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