The Conway City Council last week quickly approved the sale of $28 million of taxable industrial revenue bonds for a Hewlett-Packard Co. facility in the city after the Federal Reserve Bank of St. Louis and other regional banks cut short-term interest rates.

The council met in special session to approve the bond sale after the underwriter said the lower rate — which went into effect the morning after the council approved the sale in a special session — would make the bonds less attractive to investors.

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