| Thursday, June 19, 2008 10:25 AM CDT |
Streator refinances sewer-project bonds in hopes of saving $73,000
STREATOR -- The City Council has unanimously agreed to refinance $3.5 million in general obligation bonds, which is expected to save Streator $73,000 over the life of the bonds. The bonds are to finance a large sewer project in the city.
The city will save money “due to favorable interest rates,” said City Manager Paul Nicholson on Wednesday, though he did not have the exact interest rates readily available. Consultants have advised him to take advantage of the improved financial picture for bonds.
The savings comes a month after the council increased the base sewer rate $5 to $22.50, the first increase in 14 years. The bond rates are not expected to change the new sewer rate.
Streator is repairing some of its sewer infrastructure, which has accounted for numerous cave-ins over the years. Money to finance it comes from a $5.8 million bond issue and $4.2 million in low-interest state loans. Revenue from the sewer rates guarantees repayment.
In other action, the council tabled the sale of the swimming pool on West Main Street while technical issues are worked out. It could come back to the council in July.
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