ROBERTSDALE, Alabama -- The city of Robertsdale is considering refinancing a pair of bond issues from 2006 which could save the city thousands.

The Robertsdale City Council voted unanimously at Monday’s meeting to allow Randy Rushton with the Frazer Lanier Company investment banking group out of Montgomery to proceed with refinancing as necessary.

Interest rates on bond funds have taken a hit, Rushton said, because of an increase in activity in the stock market.

“When the economy is down, people tend to invest in bond funds because it is a safer investment,” he said, “but with the strengthening of the economy, people are more willing to take risks, which is great if you’re buying stock, but for bond funds, it could mean an increase in the interest rates.”

First, Rushton proposed refinancing part of a general obligation warrant from 2006, which would allow the city to borrow an additional $1.5 million to pay for six projects currently proposed for the city including:

• Wilters Street Extension project. The $1.1 million project will be funded in part by an ARTRIP grant with a cost to the city of $433,000.

• College Street Bridge project. The $362,800 project will be funded by a matching grant with a total cost to the city of $`124,000.

• Traffic light at County Road 48 and Highway 59, total cost to the city of $613,000.

• PZK renovations. The $400,000 project includes a projected cost to the city of $300,000.

• The construction of tennis courts at Robertsdale High School which will be funded in part by the Baldwin County Board of Education with a total cost to the city of $100,000.

• The purchase of two lots in Palmer Place 2 for drainage purposes at a total cost of $32,000. The Council voted unanimously to approve the purchase at Monday’s meeting, and plans are to use the lots for access in a cleaning operation on the detention pond that borders the complex.

The projects will bring a total cost to the city of $1,602,000, minus remaining general obligation warrant funds of $131,000 for a total cost to the city of $1,471,000.

“There comes a time when you just have to go ahead and do what’s best for the city,” said Council member Paul Hollingsworth. “These are improvements that have to be made and we can’t put them off for 10 years down the road.”

Second, Rushton proposed the refinancing of a utility revenue bond from 2006. Plans are to refinance now while the rates are low, expecting rates to increase in the near future. If rates do not increase, then no action is necessary.

“This could potentially save the city $100,000,” Rushton said.

In other business, the council voted unanimously to approve Ordinance No. 001-13 annexing six acres on Sturma Lane at the request of owner Brittany E. Lowery.

Mayor Charles Murphy said the property owner plans to build a house on the property and asked that it be annexed into the city limits.

Additional action taken at the Council meeting included:

• Approved preliminary reviews, inspections, engineering design and construction phase services with DMD Engineers Inc. for repainting the city’s St. Paul Elevated Water Storage Tank at a cost of $16,700. The city has budgeted a total cost of $150,000 for repainting the tank in 2013.

• Approved a surplus list for the city’s Public Works Department.

• Voted to send Ruthie Campbell as a voting delegate for the Annual League of Municipalities Convention May 18-21 in Montgomery with Council member Brent Kendrick as first alternate and Murphy as second alternate.

• Approved the purchase of two zero-turn mowers for the Public Works Department.