PHOENIX CITY COUNCIL AGREES TO REFINANCE BOB DEBT

          The Phoenix City Council on Wednesday agreed to
     refinance $127M in debt associated with construction of Bank
     One Ballpark, according to Russ Wiles of the ARIZONA
     REPUBLIC.  The council "approved a request from the Phoenix
     Industrial Development Authority to issue bonds on behalf"
     of AZPB Limited Partnership, which operates the stadium and
     owns the D'Backs.  While the bonds haven't been priced yet,
     they "likely will pay taxable interest" between 7.2-7.4% and
     the refinancing, "at what are low interest rates, likely
     will reduce the interest expense for the partnership,
     although it's too early to tell by how much."  The 30-year
     bonds will also pay a "fixed-rate of interest, replacing the
     variable-rate bank debt that's currently in place."  David
     Krietor, the city's Community & Economic Development Dir,
     "emphasized that the bond sale is not being subsidized with
     taxpayer money."  The bonds will be paid off by revenue from
     stadium operations (Russ Wiles, ARIZONA REPUBLIC, 6/25).