It was referred to as a Christmas present for Weatherford fire fighters and as turns out that’s exactly what it’s going to be.
The Weatherford City Council knew from a previous meeting that they were going to experience a windfall by refinancing some of its old debt/bonds. They made it official, however, what they were going to do with the savings at their meeting on Oct. 28.
The bonds available to be refunded/refinanced were general obligation bonds which currently sat at between a 4 to 4.375 percent interest rate. When refinanced, the city’s new interest rate came in at 2.265 percent, a savings of $955,000 overall or $75,000 annually.
“The bonds went at a 2.265 true interest cost and we’re refunding some series 2007 bonds; those bonds bore a interest rate between 4 and 4.3 percent,” Boyd London with FirstSouthwest Financial Company said. “That will give you an idea of what is being replaced.”
Dave Croff, Chief Financial Officer for the City, said that the refinancing of the notes will yield a savings big enough to assist the Weatherford Fire Department with some equipment purchases.
“The tax notes will be used to purchase two fire trucks,” Croff said. “We’ll be able to place that purchase order immediately and will be a Christmas present to our firefighters.”
In other business, the Weatherford Planning and Zoning Department received an award from the Texas Chapter of the American Planning Association for the recent plan for historic downtown and other parts of the city.
Craig Farmer, Director of Planning and Zoning, said that only a few cities in the state received such an honor.
“They said that the downtown plan, linked together with Heritage Park and amphitheater and the Holland Lake system, were cited as things that were very ‘innovative and creative,’” Farmer said. “We attended the conference in Frisco with almost 1,000 in attendance; Plano received two awards, the City of Austin received one and [Weatherford] got an award too - so we were right there with them.”
Bill Warren with the Downtown Historic Preservation Commission, presented the City with the recognition.
“By giving this award to the City it shows the great work and part citizen involvement in putting this together,” Warren said.