Mayor Asks Council To Re-Finance Bonds Now - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Mayor Asks Council To Re-Finance Bonds Now

With 2012 soon coming to a close, the Mayor says he has a present for the city before the new year, savings.

Mayor Bernero says re-financing some of Lansing's bonds can save the city up to $4 million dollars, but council members say it's not that simple.

It's that time of year to be thankful and Mayor Virg Bernero says city council should be thankful for a big savings opportunity.

"It's a very complex process, but really a simple decision, do you want to save four million dollars or don't you," said Randy Hannan Mayor's Deputy Chief of Staff.

That's the estimated savings the mayor's administration says the city would save over time, if they re-financed their current bonds right now on City Parking, the Groesbeck Golf Course and Lansing Center.

But Council President Jeffries says the decision is not so cut and dry.

"What are the terms on the bonds, the length of the bonds, what is the debt service going to be in compared to the debt service currently, those are the questions we have to ask and information we have to have," Jeffries said.

Information that the mayor's office says they were ready to give Monday and with the current economy, they say now is the time to act.

"Because the process doesn't end with the city council approving the bond issue, our bond council and our bond underwriters, have to be involved in the issuance of the bond and that takes time," Hannan said.

And time is something council says they need more of and many council members feel like they're being rushed into a decision.

"Delaying this for a week, to get the information we need is not unreasonable, considering the amounts of money involved," Jeffries said.

Both sides agree on saving money, but how and when, only time will tell.

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