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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.

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