Thursday, March 12, 2009
Council President Saves $218K
In a process started over a month ago by Council President Quinn (and Merchant Capital Inc.): and by soliciting bids (rather than using it's "usual" creditors) -- the City will save $218,000 by allowing Hancock Bank to re-finance its 1999 General Obligation Warrant-- at a lower interest rate. The full Council will vote on the matter at a later date when the paperwork is finalized. At least one other Council member has already expressed some opposition to asking any "new" financial institutions to re-finance our City debt.