Lebanon Reporter

July 30, 2013

Bond refinancing to save city $250,000

By Sarah Lang The Lebanon Reporter
Lebanon Reporter

---- — The Lebanon City Council approved a resolution Monday that will save the city nearly a quarter of a million dollars over the next decade.

When the Lebanon Municipal Building was constructed in 2003, the Lebanon Public Building Corporation was formed to take on the bonds from the building. The bonds were initially issued in the amount of $6.5 million, with the bond expiring in 2024.

But now is a good time to refinance those bonds due to good interest rates, said City Attorney Bob Clutter. He presented this resolution to the council, and it was approved unanimously.

The refinanced bond will save the city about $20,000 a year, or nearly $250,000 by the end of the bond. It will not extend the term of the bond, Clutter added.

“This is a great opportunity to save money for taxpayers,” he said.

See Tuesday's Lebanon Reporter for more on this story.