The city's 1988 audit turned up a nasty little surprise: The refinancing of an electrical bond that was supposed to save the city half a million dollars actually cost it $161,000.
"I have a real sick feeling in my stomach, and I would like the public to know what happened," Councilman Steve Hanson said. "We made the decision on the promise of over $500,000 in savings to the city. I feel we have been misled or possibly defrauded."City officials have been unable to locate the bond representative who last February sold them on the refinancing plan.
"We had benefited from his bond advice in the past, but it appears we got burned this time," said Mayor Curtis Arrington. "I hope there is some simple explanation for the discrepancy, but I am afraid we have been misled, and that blemishes all our (council members') records."
Council members asked the city attorney to take additional steps to locate the bond representative and research what legal action might be appropriate.