By MADELINE REIDA

Staff writer

Raymond James managing director Greg Vahrenberg appeared at the Hillsboro City Council meeting Tuesday to discuss refinancing bonds from the city that totaled $935,000.

The bonds financed street improvement between 2007 and 2011 and mature in October 2026.

Refinancing $935,000 in bonds could save Hillsboro up to $35,403, a representative of an investment company told the city council Tuesday.

“That’s a pretty fair amount when you get down to the nuts and bolts of it,” city administrator Matt Stiles said. “For such a short issue, there’s not a downside to pursuing it.”

Mayor Lou Thurston also saw potential.

“Sounds like a police patrol vehicle to me,” he said.

Council members voted 4 – 0 to proceed with the refinancing by seeking bids from banks. Bids will be evaluated Oct. 5 by the council.

Other matters discussed were approval of the 2022 budget, approval to go above the revenue neutral rate, and changing policies concerning buying solar power back from three city users who generate excess electricity.