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Blackfoot council refinances waste water bonds

July 4, 2012

Members of the Blackfoot City Council adopted an ordinance dealing with refinancing of the community's Waste Water Treatment Bonds (WWTP) during Tuesday's meeting.
Michael King, public finance banker for Idaho Bond Bank, said he was able to refinance the city bonds to receive a higher rating with Standard and Poor's credit rating agency. King compared refinancing the WWTP bonds to refinancing a house, saying the bonds will have a shorter lifetime with reduced interest rates and will help reduce debt associated with the city's sewer system.
Mayor Mike Virtue thanked King for his help in refinancing the bonds, noting it will save the city a significant amount of money in the future. Copies of the 'bond agreement' are on file at the city offices.
Virtue also extended the opportunity for county commissioner Whitney Manwaring to serve on the Urban Renewal Agency Board.
Local scouts Joseph Gibby of Troop 212, Mark Pendlebury of Troop 262 and Blake Cloes and Forrest Williams, both of Troop 211, attended as part of the requirement for certain merit badges. Virtue thanked the scouts for attending and encouraged them to continue to stay active in the community and government.
Virtue mentioned that at next month's meeting a new councilman will be named to take the place of city councilman Farrell Cammack who passed away in May.
The mayor encouraged everyone to come out and enjoy the various Pride Day activities going on throughout the community Thursday through Saturday.

 

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