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City of Mountain Brook Redeems $3.7 Million of Debt
[Posted 10/9/2015]  

The City exercised its right to redeem the balance of its Series 2007 General Obligation Warrants in the principal amount of $3,675,000 on October 1, 2015.  The early redemption occurred without penalty or premium from cash reserves.  After the early redemption, the City has no debt securities outstanding.  The early redemption will yield annual savings for debt service in the amount of $360,000 beginning in fiscal 2017. The Series 2007 General Obligation Warrants were issued in October 2007 in the principal amount of $5 million and scheduled to mature October 1, 2027 with interest rates ranging from 3.875% to 4%.


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