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Amarillo City Council Approved Certificates of Obligation

AMARILLO - The Amarillo City Council on Tuesday approved certificates of obligation on the two bond issues.
 
One bond is for $6.9-million which will fund the city's Public Safety Radio System.
 
The other was the refunding of what's left on an existing bond from 2007 that was able to bring money back to the city.
 
Michelle Bonner, the assistant city manager says, "Because interest rates have come down, we are able to refund the existing debt at a lower rate. Just like if you had a home, your home financed, you're able to refinance your home mortgage and you save interest payments."
 
That refund netted the city $2.7-million in debt service payments.

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