City approves refinancing $2.1M in bonds

HARLINGEN — Refinancing $2.1 million in bonds at a lower interest rate will save the city about $165,000.

Last night, city commissioners approved an ordinance authorizing the refinancing of the general obligation bonds to save the money.

Anne Burger Entrekin, managing director of First Southwest, the city’s financial adviser in San Antonio, recommended commissioners refinance the bonds amid market forces that have driven down interest rates to about 3.5 percent.

“The current interest rate market we are in could achieve savings for the city,” Burger Entrekin told commissioners.

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