Duluth Saves Taxpayers Money
Refinancing 2003 bonds issued for Duluth Public Safety Center at lower interest rate expected to save $725,000 over life of the issue.
The Duluth City Council’s decision to refinance a 2003 bond issue that funded construction of the Public Safety Center at a lower interest rate will save taxpayers about $725,000 over the life of the issue. This is more in savings than an earlier estimate of $535,000. The council passed a resolution that authorizes refinancing $7,095,000 in revenue bonds through Sun Trust Bank at its Nov. 12 meeting. The bonds are being refinanced at an interest rate of 1.63 percent. The interest rate on the 2003 bond issue was 4.1 percent. The new bonds mature in 2024. Councilman Billy Jones commended Duluth Finance Manager Ken Sakmar for suggesting the refinancing. Also, the council also agreed to adopt an intergovernmental agreement that allows the city…
