Spicer officials OK move to save $77K over next decade by re-financing bond
SPICER - Refinancing a 2006 street improvement bond will save the city of Spicer $77,000 over the next decade.
At their meeting Tuesday, the city council approved the refinancing, which will replace the initial interest rate of 4.6 percent with a new average interest rate of about 2 percent.
City Administrator Leslie Valiant said the city will see net savings of 5.3 percent in interest payments for the $1.49 million bond, which was initially issued four years ago.
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