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A Living Tribute....
Give a gift that will last several lifetimes! Planting a tree in our City Square or City Park is a wonderful way to honor a loved one and provide a gift to the whole community. Trees are planted in the square and park so everyone can enjoy the shade, beauty and enjoyment a living tree provides.
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In a special-called meeting last week, the Leonard City Council met to discuss and take action on asking to the Greater Texoma Utility Authority (GTUA) to release two bonds they issued for the City, so the City may have those reissued in their name at a lower interest rate, which will save the City money and improve their credit rating. The two contract revenue bonds were issued in 2000 and 2002 for water and sewer plant work. The bonds had a combined average interest rate of 4/5%, but they were fluctuating rates that were only getting higher. In 2016, the remaining balances on the bonds totaled $345,000 and were due to pay out in 2020 and 2021. In addition, the GTUA has $106,000 from the City in escrow money.
"The intent is for the City to reissue the bond in its own name and credit. The escrow money they have will be applied to the bond, which will lower the principal. We will reissue one bond for that lower amount, all at a 2.5% fixed interest rate."
The savings to the City by the payoff date in September 2022 will amount to $115,926.
The Council voted unanimously to approve the ordinance to get ball rolling from the City's end of things, and are now waiting for the GTUA to review and approve everything on their end. The City is working with a projected date of Feb. 1st to have everything transferred and reissued.
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City of Leonard | 111 W Collin St | Leonard, TX 75452 | (903) 587-3334
Hours: Office Hours: 8:00 AM-4:30 PM
Closed: 12:00 PM-1:00 PM
Phone Hours: 8:00 AM-5:00 PM
Closed Saturday and Sunday
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