Jackson saves $107,000 with bond refinancing

The Jackson Board of Aldermen saved the city $107,000 over the next 10 years by voting to refinance electric system refunding revenue bonds Monday night.

That's about 2.8 percent of the outstanding principal of the Series 2000 electric revenue bonds.

When the city began looking at refinancing, investors expected to save about $120,000, but interest rates rose over the last several weeks.

Jack Dillingham, the managing director for the local Piper Jaffray office, told the council Monday night that Moody's Investor Service, which rates public entities' debts, was impressed with Jackson's electric system and the way it is operated. Jackson received an A-2 rating, the second-best debt rating. The city has maintained an A rating since the mid-1990s.

JACKSON BOARD OF ALDERMEN ACTION

* Certified election results for the April 5 municipal election.

* Authorized the issuance of electric system refunding revenue bonds.

* Accepted a tree-trimming easement deed from Darrell and Sarah Cook and an electric line easement deed from David and Sandra Miller and Maevers Investments LLC, regarding the West Jackson Boulevard Electric Relocation Project.

* Authorized solicitation of donations for the Back-to-School Fair at the intersection of Hope and Main Street from 2 p.m. to 6 p.m. June 22 as requested by the East Missouri Action Agency.

* A bill proposing the abandonment of an alley right of way in Morgan's First Addition Subdivision died due to a lack of motion to bring it from the table.