City refinances debt to get cash for projects

Published 9:52 pm Wednesday, July 29, 2009

By By Kerry Whipple Bean

The City of Brewton will refinance part of its debt to acquire upfront money to pay for upcoming projects, including matching funds for several grants the city has received.
The city will refinance its current debt of $3,172,438 at 4.41 percent to $3.7 million at 3.6 percent.
That will allow the city to use $1.12 million for projects including paving, matching funds for a walking trail at Burnt Corn Creek Park and matching funds for a grant for a drainage project at T.R. Miller Mill, Mayor Ted Jennings said.
The city has received $250,000 from the state for a major drainage project at the mill. The city’s contribution to the project will be $266,000, of which the mill will pay half.
The city is moving quickly on the refinancing.
The annual debt service will also be reduced, Angel said.
In other business Tuesday, the city council:

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