The Atlantic City Council held a very short electronic meeting Wednesday evening, via Zoom conference call. A Public Hearing was held on a proposal to “Enter into a General Obligation Refunding Loan Agreement and to borrow money thereunder in a principal amount not to exceed $200,000”, for the purpose of paying the cost of current refunding of the outstanding balance of Callable 2012 Bond and the Callable 2013A Bonds. No comments were received from members of the public.

Following the hearing, the Council adopted on a 6-1 vote (with Councilman Casady absent), a Resolution “Taking additional action on Proposal to Enter into a General Obligation Refunding Loan Agreement, Combining Loan Agreements, Providing for the Issuance of $3,685,000 General Obligation Refunding Bonds, Series 2020, and Providing for the Levy of Taxes to Pay the same.”

Over the course of next eight-years, the move is expected to save the City almost $93,194 in interest.