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Refinancing will save BMU millions

Tuesday, April 3, 2012

scottw@standard-democrat.com

SIKESTON -- Lower interest rates will translate to around $10 million in savings for the Sikeston Board of Municipal Utilities.

The Sikeston City Council approved a resolution during their regular monthly meeting Monday authorizing the sale of electrical system revenue refunding bonds for the city as requested by the BMU's bond counsel, Gilmore and Bell.

Ed Throop, BMU's executive director, explained this action will enable BMU to "restructure our financing arrangement kind of like refinancing your home at a lower interest rate."

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