Bradenton to refinance debt service for 2007 renovations of Pirate City

The City Council on Wednesday authorized the city to refinance up to $18 million in bonds the city sold in 2007 for major renovations to Pirate City and McKechnie Field.

Carl Callahan, city administrator, said the actual debt service remaining on the bond sare probably closer to $15 million, but chose the original $18 million “just to be sure we had enough.”

Tampa attorney John Stokes said it’s essentially the same procedure that was done in 2007, but taking advantage of the market’s lower interest rates. Callahan said the re-issuance of the bonds would save the city $100,000 a year in interest payments. The bonds are due by 2037, at which time the city’s lease with the Pittsburgh Pirates ends.

This story was originally published June 8, 2016 at 4:09 PM with the headline "Bradenton to refinance debt service for 2007 renovations of Pirate City."