Princeton City Council votes on refinancing debt

Bob Vail with the Bernardi Securities, Inc. gave a presentation at last night’s Princeton City Council meeting. Bernardi Securities is a municipal bond underwriting firm from Chicago and Vail proposed a way to save the City of Princeton nearly one million dollars of interest on four major bonds by refinancing the debt. Vail said he will be approaching the local banks first and if they agree to the proposed interest rate of 3 percent, the firm will also discount their service fee. Mayor Keith Cain said the city has worked with this firm before and they’ve done an excellent job.  The council voted unanimously to convert the ordinances to bond issues. By doing that, they will then hold a public hearing on March 5th and then vote on the final savings at the April 6th meeting.