The resolution was approved a week earlier by the
The two bond issues approved for restructuring are for the
The restructuring of the debt will get rid of an approximate
The courthouse bond issue is currently at 4.79 percent interest, while the 911 Center is at a five percent interest.
He said the primary reason to refinance was to eliminate the balloon payment now that the rates are low. “We can still pay off early if the sales tax proceeds go up and can still retire the debt early without penalty,” Nieto said.
According to a press release issued on
The proposed fixed rate is 3.8 percent and the new combined payment would be approximately
Nieto said the approach to lock into a lower fixed-rate for these two bond issues is beneficial for the county to take advantage of since the rate could change unfavorably in the future.
“Nobody has a crystal ball. We could come back in two years and if the rates are lower, we would be wishing we had waited. There is always that possibility. But this is a good move right now,” he added.
The newly restructured bond is expected to close by
(c)2017 the Claremore Daily Progress (Claremore, Okla.)
Visit the Claremore Daily Progress (Claremore, Okla.) at claremoreprogress.com
Distributed by Tribune Content Agency, LLC.