Mt. Vernon City Council Green Lights Bond Refinancing for Capital Projects

Mt. Vernon City Council Green Lights Bond Refinancing for Capital Projects

MT. VERNON, IL — The Mt. Vernon City Council had their first reading of an ordinance authorizing the issuance of general obligation improvement and refunding bonds during Monday night’s meeting.

Councilman Donte Moore says the bonds could be refinanced at a fixed rate possibly less than 2%, depending on the markets at the time of the sale.

The refinanced bonds could save taxpayers close to $3.3 million dollars. With that savings, new bonds would only cost city taxpayers about $950-thousand over the life of the 20-year bonds.

This money would fast-track multiple projects in the city that are already engineered and waiting for funding. City Manager Mary Ellen Bechtel.

Mayor John Lewis says by doing this, the city can take advantage of record low interest rates to add $12.4 million in infrastructure improvements.

After a presentation by Mt. Vernon Finance Director Steven Tate as well as King’s Financial, who the city is working with on the selling of these bonds, the council suspended the rules to vote and pass the bond ordinance.

Concert Calendar

POSTPONED – Nick Mason’s Saucerful Of Secrets at Stifel Theatre

POSTPONED – Nick Mason’s Saucerful Of Secrets at Stifel Theatre

ON SALE • NOWPRICE • $59, $69, $89, $109 Click HERE to purchase tickets Jan 2 – It is with great regret that due to the uncertainty surrounding the Covid pandemic, it has been decided to postpone the North American tour until later in the year. Apologies for any inconvenience or disappointment due to this. We are…

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