North Jefferson News, Gardendale, AL

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May 23, 2013

Refinancing to save Fultondale up to $1 million over 20 years

FULTONDALE — Much as a homeowner refinances a mortgage to save money, the city of Fultondale is doing the same with a bond issue.

The Fultondale City Council voted in Monday’s regular session to issue a $12.5 million refunding and capital improvement warrant through Regions Bank, which would replace a similar bond issued in 2010 to fund various projects, including the new elementary school.

The refinancing will drop the interest rate from 4.35 percent to 2.61, and will result in an annual savings of about $50,000 over a 20-year amortization — roughly $1 million over the life of the issue, according to David Germany of Regions.

In other matters, the council:

  • Declared two Chevrolet trucks as surplus, and directed City Clerk Jane Hicks to list them for sale on GovDeals.com
  • Renewed the city’s general insurance policy through Alabama Municipal Insurance Corporation and agent S.S. Nesbitt and Company
  • Approved the fiscal audit for the year ending Sept. 30, 2012
  • Authorized Mayor Jim Lowery to negotiate agreements and contracts for Founder’s Day and Arts Council events
  • Moved the next council meeting from June 10 to June 17 at 11:30 a.m. because of schedule conflicts with several members
  • Heard a report from city inspector Darryl Aldrich that eight abandoned houses, some of which have been uninhabitable since before the 2011 tornado, have been or will be demolished over the coming days.

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