By JEFF MOSIER / The Dallas Morning News
ARLINGTON - The City Council expects to pay even more and give up some flexibility when it refinances a portion of the Dallas Cowboys stadium bonds.
The interest rate on its refinanced bonds could be nearly 6 percent, about 1 percentage point higher than projected six weeks ago.
The city also might not be able to arrange a second refinancing of the $164 million worth of bonds for at least a decade, even if rates go down.
The council decided in July to refinance the bonds to a fixed rate after the securities' interest rate spiked twice this year.
Marlin Mosby, Arlington's financial adviser for the stadium bonds, told the City Council on Tuesday that there are fewer bond buyers, and rates have changed just since the beginning of the summer.
"The dynamics of the market are changing constantly," he said.
Arlington in bind on stadium bonds....
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