The city has refinanced $16 million in bonds to grab a lower interest rate.
The city will pay 2.95 percent interest on the bonds, according to a press release issued Thursday. Before the restructuring it was paying an average of 4.6 percent.
That’ll save the city $622,300 over 10 years, according to the release, and enable the city to “replenish” its depleted reserves this fiscal year, according to the release.
Read the full release here.