Pell City adopted an ordinance to obtain a bond for an $11 million bond issue in order to implement financial relief and refinance the city’s debt over the next five years.

According to the city’s financial advisor, Morgan Keegan, pre-sold bonds were locked in at an interest rate of 4.75 percent.

Representatives from Morgan Keegan said Pell City received a “glowing rating” on their credit report, allowing the city to secure a 4.18 percent bond issue, saving the city millions of dollars in the coming years. The bond issue is expected to save the city more than $1 million in 2012 alone.

First vice president of investment banking for Morgan Keegan Matt Adams said they have not seen a rating like that for other municipalities in a long time, saying the rating is “a reflection on Pell City” and how the city continues to succeed in tough economic times.

“People have grown very confident in investing with Pell City,” Morgan Keegan representative Larry Ward said.

In other actions:

—The council reviewed two options for the lighting of Veteran’s Parkway, a proposal made by Alabama Power.  One option involved using 13 lights to light the roadway and the other 18 lights.  Councilman Greg Gossett made a motion that was approved giving the city engineer the authority to determine the appropriate number of lights needed to properly light the roadway.

—The council approved awarding the bid for the 29th and 30th Street Sewer Project to Jones Utility and Construction Company.

—Solicitation for new bids for a new radio project for the fire and police departments was approved.

—Rezoning of property owned by the Estate of Emmett M. and Mary E. Graham, represented by Gregory R. Graham was approved.  The request was made to rezone the property from R-1 (Low Density Residential District) to R-A (Residential Agricultural District).

—The council approved the transfer of the SWAT Team armored truck from the Pell City Police Dept. to the St. Clair County Sherriff’s Department.