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City remarkets bonds and saves $9 million dollars - KTBS.com - Shreveport, LA News, Weather and Sports

City remarkets bonds and saves $9 million dollars

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SHREVEPORT, La. (KTBS) -

 

Mayor Cedric Glover's administration introduced two resolutions Tuesday to the council to approve the remarketing of hotel and utility bonds at reduced interest rates over the next 5 years saving the City of Shreveport $9 million. The administration worked on this proposal without help from their preferred financial advisor Calvin Grigsby. Instead The City used local banks and underwriters. Mayor Glover maintains that Grigsby laid the foundation for saving the city money. Glover said of the resolutions gives us a chance to move forward on this particular deal without having to make direct use of his services, but if it had not been for the work that he's already done, we'd be stuck trying to make this happen."

City council officials say they cannot work with Grigsby because an audit found he may have overcharged the city of Shreveport by a little more than $53,000 dollars. City council officials say the city charter prohibits them from working with someone who owes the city money. Mayor Glover says Grigsby has put the $53,000 discrepancy in an escrow account for an arbitrator to hash out. However, city council officials rejected that proposal.

 

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