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Cowboys stadium bonds will cost millions more

The Arlington City Council is expected to approve a plan to refinance $164.2 million of Dallas Cowboys stadium bonds tonight.

Interest rates on these variable-rate bonds have spiked as high as 9 percent in the past few weeks, prompting the city to discuss its financing options at its afternoon meeting on Tuesday.

Although the city has historically paid between 3 to 4 percent in interest since these bonds were issued in 2005, the uncertainty in the credit market and the downgrade of its bond insurer's rating has caused interest rates to jump dramatically.

It will cost the city an additional $4.7 million in fees to refinance the $164.2 million in bonds. City staff told council it expects it could refinance the bonds as early as August at a fixed rate of about 5 percent.

In addition to those bonds, the city currently has $113.6 million and $20.1 million in fixed rate bonds for the stadium project. The interest rate on those bond series is 4.68 percent and 4.78 percent respectively.