Jennings Will Pay Off Library Bonds
JENNINGS, La. (AP) — The City Council wants to redeem outstanding library bonds, a move officials say would save Jennings $42,000 in interest over the next six years.
The American Press reports (http://bit.ly/1eOXZNb) the recommendation was made by city financial adviser Greg Marcantel.
Marcantel says the payoff as of Nov. 1 would be $271,950.
He says the payoff would help the budget of the city's Carnegie Library, which is supported by property taxes.
City officials say the property tax rate has not been increased in more than 50 years, so the saving of $42,000 in bond expenses could be diverted into library operations.
The council adopted a resolution authorizing the call for redemption of the bonds, which were issued in March 2006.
Information from: American Press, http://www.americanpress.com
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