The Atlantic City Council, Wednesday, approved an agreement with UMB Bank to purchase General Obligation Corporate Purpose and Refunding Bonds, the value of which will not exceed $5-million. Chip Schultz, with UMB says the agreement sets the rates for the bond issue at 1.49-percent.

Schultz says an A-Plus rating with Standard and Poors has been affirmed, so “Things look good from a financing standpoint.” He says the move will save the City about $80,000 on the 2011 bond. The rest will fund municipal library, street and storm water improvements, as well as police and fire equipment.

City Administrator John Lund says the bond issue saves tax payers more than $33,200.