The Biloxi Chamber audience received an update from Biloxi Mayor A.J. Holloway on millions of dollars in public and private investment in the city. Aditionally, he told the audience about an unprecedented occurance in finances.
Said Holloway, "just a few weeks ago, we had something happen that we hadn't see happen in many decades. We've been following interest rates and the financial markets, and we've been watching for any opportunities.
<<<<< check out the slideshow from the breakfast on the left - you may be featured in one of the photos
The first thing that you have to do is have your finances reviewed by national firms. They want to see your past performance, your current condition and your future outlook. In short, they want to see how we're managing your money. The review, which had been coordinated by Director of Administration David Staehling, prompted Standard & Poor's to upgrade the city's credit rating to "AA-."
Continued Holloway: "But the best news is this. We used that improved rating to re-finance about $9 million in outstanding debt, and we hit the market at the right time. We have received an interest rate of 1.9 percent, which I think is the lowest rate this city has ever received.
We're going to save a total of $700,000 in interest payments."
[Click Here] for the prepared text of the mayor's presentation this morning including and update on current projects.
[Click Here] for a slideshow of today's meeting.
To find out more about the coastal City of Biloxi, [Click Here] and you will be directed to its website.
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To receive a daily copy of this column, click "subscription tab" at the top of the page. To leave a comment, scroll to the bottom of the page.This column was prepared for publication by Hank Richards, Examiner.com writer for Huntsville, Alexandria the Gulport/Biloxi/Gulcoast Restoration Region, Gulf Coast Political Buzz and press pool reporter for the British Petroleum Recovery Program.To report a breaking story or to write a letter to the editor for publication, contact Hank at (256) 417-6084 or send an email to tips@pronlinenews.com at his website www.pronlinenews.com
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