Hutchins council okays work financing
By 06/12/2003 00:00:00
Council told they have ‘well-run city'
HUTCHINS - Hutchins residents will soon see continued renovations in the form of water and sewer work, and the city was praised for its good financial condition.
The council unanimously approved issuance and sale of tax, water works and sewer system surplus revenue certificates of obligation, in-
cluding adoption of ordinance last Monday, June 2.
Jim Sabonis of First Southwest Securities, finance company for Hutchins, said the city was funding $14 million and 20,000 in which it would pay 3.73 percent interest.
'You've never been in better financial condition,' Sabonis told council members.
'We're proud this sale exceeded every goal expectation we had.
'Interest rates have never been lower. The last two weeks of May were the lowest index in the last 10 years.'
Sabonis said the city would have less than $300,000 in payments per year, which would be savings of about $20,000.
He complimented the job council members had done as city leaders making the city credit worthy in difficult credit times.
'This is a benchmark for the City of Hutchins,' Sabonis said.
'You have a well-run city.
'I congratulate you on doing this. You should be applauded. Your staff should be applauded.
'We appreciate being involved in the community.'