SPANISH FORT, Ala.— The City Council Monday approved the issuance of bonds for a cooperative district on Alabama Highway 181 public facilities.

Instead of having a $14 million bond issue there will only be a $11.5 million bond issue.

The district—at the Eastern Shore Centre—had proposed to issue the public  improvement revenue bonds from the 2008 series; the purpose is to refinance its taxable public improvement bond, series 2004, according to city documents. Refinancing of the Eastern Shore Centre bond will save the district $550,000 to $600,000 each year, City Attorney David Conner said.

“There’s a large, large savings,” he said.

The 12 percent coupon rate, or interest rate, once refinanced, will be down to 9 percent, Conner said.

The city, however, isn’t responsible for paying the bonds, which are paid only by the district, Conner said.

And residents needn’t worry, as this won’t affect their pocketbooks, city leaders said.

“We are not raising any tax whatsoever,” Mayor Joe Bonner said.

Also Monday, the council announced a Jan. 5 public hearing on amending the ordinance for the design standards and conceptual master plan for The Highlands of Spanish Fort, a large scale planned unit development that will comprise schools, communities and homes, among others.

A calculation formula for mitigation trees was amended in the planned unit development and says mitigation trees should have a height of 10 feet with a minimum diameter breast height of 2.5 inches, according to the  design standards for the planned unit development.

The public hearing is set for 6 p.m. at The Gathering Place, at the intersection of Highways 31 and 98 in the Prodisee Center.