The Adel City Council convened Monday morning for a special session.

All of the action items on the agenda related to the sale and refunding of $4.18 million in general obligation refunding capital loan notes. Finance Director Brittany Sandquist said interest rates for bonds have been decreasing in recent years, so the City’s financial advisors reviewed the current bond accounts to see if they could be refinanced and refunded. Sandquist said the City ended up saving around $190,000 in interest on four bonds, and the process for paying them back is now simplified because the bonds have been combined into one.

The Council authorized the redemption of outstanding general obligation notes, two for refunding capital loan notes dated in 2011 and 2012, one for urban renewal bonds dated 2012, and the other for capital loan notes dated 2014. The company that purchased the bonds was Bankers Bank of Madison, Wisconsin, who offered an interest rate of 2.08%. Sandquist added, even though it’s not a local institution, Bankers Bank will offer shares to local banks to help keep the money in the area.