By TONY VINDELL
Special to the NEWS
The City of San Benito ended up saving more than $87,000 from refinancing $2,476,000 in outstanding debt from a 2012 bond issue. The city commission learned the “good news” during Tuesday’s, March 15 meeting.
Don Gonzales, manager with the San Antonio office of Estrada Hinojosa Financial Advisors, said they closed on the bond on the target date of February 28. By doing so, they avoided a rising interest rate resulting in a net savings of $87,225 over a 10-year period.
“I have good news to report,” he said before making a presentation to the city council. “Six weeks ago, you gave us the authorization to proceed and we were able to complete the transaction before the interest rate moved up.”
After everything was said and done, Gonzales said the savings included all payments made.
In other business, the council was informed about the line-up for the upcoming Hogg Waddle concert to be held May 24. It included Buck ‘N Crazy, Los Texmanics and Whisky D. The council approved a concession agreement with the 80’s Bar and Grill to sell beer and other spirits during the concert set to take place at the San Benito Fairgrounds.
Also a service agreement was approved with the Texas Heritage Independence Celebration Association for use of the fairgrounds for the 2022 Annual Texas Independence Celebration on April 30.
Other items approved by the council included donating non-usable surplus equipment from the San Benito Fire Department to Valle Hermoso, Mexico, fire department.
Valle Hermoso is a city south of the Free Trade Bridge at Los Indios.
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