Payoff of certificates of obligation; Wal-Mart Express discussed at council meeting
Submitted by Daingerfield1 on
By Marlene J. Bohr
Early payoff on a certificate obligation for the city of Daingerfield was tabled for further discussion at the July 14 meeting of the Daingerfield City Council.
Councilwoman Laura Mabey said an early payoff of certificates of obligation, Series 2005, would result in an interest savings of $317,130. This is a certificate of obligations that was done for the fire station and roads. The payoff would be approximately $1,095,200.
City Secretary Heide Edmonson said that would leave a balance of $893,995 inthe reserve funds. Mayor Lou Irvin was more cautious regarding the payoff. “I have lived here long enough to see this city broke before and it scares me,” Mayor Irvin said. “This city did not have any money. We have worked hard to build up a reserve balance.”
Councilman Bob Thorne suggested they pay it off in two or three installments versus how much would be paid in a single payment.
To continue reading this article purchase the July 24th edition of The Steel Country Bee or go to our online e-edition at: http://www.etypeservices.com/Daingerfield%20BeeID312/default.aspx
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