MARYVILLE, Mo. — The Maryville City Council saved more than $1.4 million at a brief meeting Monday evening by refunding and reissuing revenue bonds.
The city had the option to refund bonds issued in 2013 to help fund the wastewater treatment plant, with more than $12.1 million of outstanding recallable bonds at 3.9 percent interest. By taking the option and voting to reissue refinanced bonds, the city found a buyer who took on the bonds at 1.97 percent interest. A representative from Piper Jaffray, a firm that handled the bond sale for the city, said it will save taxpayers about $1.47 million between now and 2033.
Only three members of the council were present because of a Missouri Municipal League meeting the same day, but last month, the council members agreed to hold the meeting only to approve the bond refinancing since bids were due by 11 a.m. Monday.
It was the only issue addressed by the council in the brief meeting that lasted just under 10 minutes — a ratio of $147,000 in savings for each minute in session— setting a savings-to-meeting-length ratio that could prove difficult to best in the future.