Little Rock has put on hold plans to renovate city parks with $6.4 million of savings expected to be realized from refinancing $16.5 million of park bonds issued in 1998 to buy land for the President Clinton Center.
City directors in October approved the plan to extend the bonds’ maturity from the original term of 2023 until 2039, but finance officials said last week Little Rock will not be able to refinance the debt until market conditions improve.
The bonds issued for the Clinton Center, which is located downtown along the Arkansas River, are supported by revenue from park fees. The city is currently paying an interest rate of 5.76%.
Little Rock had planned to combine the proceeds from the refinancing with some unused funds to finance a number of projects, including $1 million to buy a closed golf course, $1.6 million for penguin and cheetah exhibits at the Little Rock Zoo, $1.2 million for new trails, entryways, and recreational fields at War Memorial Park, $625,000 to build recreational fields on land outside the city that is owned by Central Arkansas Water, and $500,000 for improvements at several neighborhood parks.
