Little Rock Refinancing

The Little Rock Board of Directors gave the go-ahead last week to a plan to refinance $16.5 million of park bonds issued in 1998 to buy land for the President Clinton Center in downtown along the Arkansas River.

The city expects to save $6.4 million by extending the term on the bonds from the scheduled maturity in 2023 by an additional 16 years.

Projects financed by the bond proceeds will include $1 million to buy a shuttered 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 owned by Central Arkansas Water; and $500,000 for improvements at several neighborhood parks.

The city also will use the proceeds to acquire additional land for parks. The bonds will be supported by revenue from park fees.

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