Bond Refinancing Saves Huntsville Taxpayers Money
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For Immediate Release
April 20, 2012
(HUNTSVILLE, AL) - In yet another move to save taxpayer dollars, Mayor Tommy Battle announced today the City of Huntsville has refinanced $52 million in bonds, resulting in a $3 million savings for the public.
Money saved in the refinancing is being used to purchase new trucks and cars for City departments. Fleet purchases had been deferred for several years as City managers cut expenditures in the economic downturn. City Council approved the fleet expenditures in February.
In the recent bond transaction, favorable rates and Huntsville's AAA credit rating allowed the City to borrow another $3 million to purchase more than 1,000 emergency radios for public safety employees, at less than one percent interest.
"We continually look to find ways to save money while meeting the demands of a growing city," said Mayor Battle. "This is the kind of innovative management that we work toward in this administration."
Mayor Battle applauded his department heads for their creativity in conserving resources. He said the public safety radios were purchased in bulk to save an additional $600,000.
"We can all be proud of our City employees," said Mayor Battle. "They have made do with what they had and patiently waited until our financial situation improved."
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For more information, contact:
Kelly Cooper Schrimsher, Director of Communications, Office of the Mayor, City of Huntsville, 256-427-5006 (w), kelly.schrimsher@huntsvilleal.gov
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Follow the City of Huntsville on Facebook at facebook.com/hsvcity and on Twitter at twitter.com/huntsvillecity
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