ROANOKE—The village board is considering re-financing its bond issue for the water project after their attorney, Scott Brunton, indicated at the June 3 meeting interest rates have gone down.
“We can save a considerable amount of interest, up to $200,000 in expenses over the 20-year life of the bonds, less the cost to re-finance," commented finance committee Bob Knepp.
There are administrative costs associated with re-financing, but Brunton told Knepp those costs will be less than that expense was to initially issue the bonds. Brunton estimated the cost could be about $80,000, but that is subject to change. Board members agreed if the savings exceeds the cost it is worth pursuing. Knepp will contact the bond administrator and get more details.
Brunton also added is about $680,000 left in the bond fund that can be used for water-related projects.
See article on June 13 Woodford County Journal newsstands