The Vernal City Council meeting
on Wednesday night
focused on policy and legislation associated with the refinance of higher interest bonds to a lower interest rate. During the council’s last meeting, the City secured municipal financial advisor, Zions Public Finance, to prepare all documents necessary to issue the bond resolution to refinance and last night the council gave the final approval to move ahead. Wednesday’s resolution authorizes the refinance on not more than $5 million dollars Sales Tax Revenue Refunding Bonds. “The City plans to issue the bonds in mid-December,” shares Vernal City Manager Quinn Bennion. “We conservatively estimate that the refinance will save $20,000 dollars in interest payments per year.” The City Council unanimously approved the refinance on Wednesday. The term and the structure of the bonds are to remain the same.
