The Vernal City Council meeting last week included final approval on a refinance of higher interest bonds to a lower interest rate. During a council meeting this fall, the City secured municipal financial advisor, Zions Public Finance, to prepare all documents necessary to issue the bond resolution and the council had given the approval to move ahead. The resolution authorized the refinance on not more than $5 million dollars Sales Tax Revenue Refunding Bonds. “The refinancing of the existing bonds was a great success!” shares Vernal City Manager Quinn Bennion. “The true value savings to the city is $550,000 dollars over 20 years or approximately $25,000 dollars in interest savings a year. The City received an admirable bond rating of AA which reduced the interest rate.” The bonds were sold last week and the Council made their approval on Wednesday.
