Tupelo Mayor Signs Documents Refunding Bonds

TUPELO, Miss. (PRESS RELEASE) – Mayor Jason Shelton signed the final documents today that will save the city $277,000 over the next six years by refunding 2007 General Obligation Bonds.

“As a direct result of the cost savings efforts of Ms. Kim Hanna, the best CFO in the state of Mississippi, and the proactive vote of our City Council, the city of Tupelo is saving $277,000 that can be directly invested into infrastructure improvements for the continued growth of our All-America City,” said Shelton as he signed the documents.

The city refunded about $4.5 million left on the $9.5 million issue from 2007 at 3.7 percent interest. The new bond interest will be about 1.7 percent.

The original bonds were issued to build a new fire station, a baseball complex and a new police department. The new bonds will have a life of six years. They will not extend past the original bond dates, said Hanna.

The signing follows a unanimous City Council vote in mid-December during a special called meeting.

jason shelton signs 1-25-16

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