City OKs refinancing $25.7M in bonds

HARLINGEN — Low interest rates mean big savings.

Last night, city commissioners approved refinancing $25.7 million in bonds at lower interest rates to save about $2.8 million.

First Southwest, the city’s financial adviser in San Antonio, recommended the city refinance the bonds issued in 2006 and 2007.

Anne Burger Entrekin, the company’s managing director, recommended officials refinance the bonds at interest rates of about 3.32 percent.

Market forces have driven interest rates to some of their lowest levels in 50 years, Burger Entrekin told commissioners.

“When we think about refinancing, this is an opportune time to make that consideration,” Burger Entrekin said. “We’re in a very low interest rate environment today, which creates the savings.”

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