Editor’s note: Transcript provided by CoverGov and Cambridge Artificial Intelligencer.
The City of Hurst will save a projected $500,000 over 10 years after refinancing some outstanding bonds at a better interest rate.
“We felt it was an opportunity we wanted to jump on,” Clayton Fulton, assistant city manager, told city council members at their July 14 meeting, where they voted unanimously to refinance some bonds that the city issued in 2016.
The council also voted unanimously at the same meeting to issue $6.7 million in bonds for street and drainage work and to replace a fire vehicle.
Fulton told council members that the city staff’s annual budget process includes a review of outstanding debt and capital improvement projects.
City advisors Hilltop Securities and bond counsel Bob Dransfield identified an opportunity to refinance some 10-year-old bonds, Fulton said.
“We look at our outstanding debt and we want to make sure that there’s any opportunities to be efficient with that debt,” Fulton said.
The refinancing “does not extend maturity or add new money,” Fulton told council members.
The principal on the city’s new bonds is $11.245 million, Fulton told the Report. Principal on the old bonds, which the city refunded as part of the refinancing, was $12.22 million.
The city sold the new bonds at a premium, meaning investors paid more than face value because the bonds’ interest rate was higher than market rates.
“We were able to sell less bonds and still refinance $12.22 million,” Fulton said.
The city projects the total savings at $494,735, which Fulton said Hurst expects to realize between 2027 and 2038.
As for the capital projects, he told council members “we’ve identified a number of street projects that are a priority for the city.”
Of the $6.7 million, the city will spend about $5.7 million on streets and drainage, targeting projects on West Pipeline and Harwood roads, he said.
About $1 million will replace a fire vehicle that the city ordered, with council approval, a few years ago and was recently delivered.
Eric Zarate is a freelance journalist. Scott Nishimura, senior editor for the Report, contributed reporting. To learn more about how the transcripts that informed this report were created, visit Cambridge Artificial Intelligencer and CoverGov.
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