Skip to main content

City awards bond issuance bid

January 22, 2014

BY JUSTIN MINYARD
news@dailytimesleader.com

A lender for $460,000 in general obligation bonds for the ongoing McClure building renovation project was officially declared at a West Point Board of Selectmen recessed meeting Tuesday.
The board opened three sealed bids for the bond issuance at 2:30 p.m. Tuesday in the upstairs auditorium at City Hall.
Cadence Bank was the lowest bidder for the bonds with a 4.53 percent non-controlling interest (that is, the lender will have no influence on the project). Duncan Williams Inc. Investment Bankers was close behind Cadence with its 5.21 percent non-controlling interest pledge. Citizens Bank & Trust Co. had the highest interest rate with a 5.45 percent non-controlling interest bid.
West Point Mayor Robbie Robinson said Cadence Bank was the obvious choice due to such a low interest rate.
“When you’re dealing with money, the lowest bid is the best bid,” Robinson said.

To subscribe to the E-edition, please click here.

DTL staff After being knocked out of the MAIS Class-AA State Championship in the first round by...
BY WILL NATIONS sports@dailytimesleader.com With a new scoreboard and video board at McCallister...
BY WILL NATIONS sports@dailytimesleader.com PHEBA — Nothing much can stop Hebron Christian’s Collin...

 

 

Premium Drupal Themes by Adaptivethemes