During last week’s regular city council meeting the mayor and city council members voted yes on ordinance 632-17, which will move money the city has set aside to pay its 2011 bond debt into a higher yield savings account.
The opportunity was discovered by Page city finance director Linda Watson while she was in conversation with the city’s investment firm TV Investments.
For several years the city of Page has been setting aside funds to pay off its series 2011 bond.
Due to the details of the bond the city isn’t allowed to pay it off until July 2021, but it already has nearly the full amount of that money in a savings account ready to pay it off.
At last Wednesday’s city council meeting the mayor and council voted to move $6 million it has earmarked to pay off the bond into a higher-yield savings account which, depending on the interest rate the week they transfer it, will earn the city around $125,000 between now and July 2021.