Council selects underwriter for warrants

Published 3:00 am Wednesday, September 9, 2015

The Brundidge City Council continued its regular September 1, meeting until Tuesday, Sept. 8 in order for council members to have additional time to consider proposals submitted by firms that were interested in serving as the city’s underwriter for its refunding of the city’s Revenue Warrants series 2005.

The amount to be refunded is $6,865,000.

Council Members Betty Baxter, Arthur Lee Griffin, Margaret Ross and Cynthia Pearson attended the meeting. Mayor Jimmy Ramage and Council Member Steven Coleman were not present.

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After deliberation, the council selected Thornton, Farish, Inc. of Montgomery to serve as the underwriter for the project.

Brundidge City Manager Britt Thomas said, due to current market conditions, the city expects to reap significant savings over the remaining 17-year life of the existing bonds.