Thousands Saved in Refinancing Water Bonds

Knox City Council
Knox City Council

The Knox City Council’s decision to refinance water works bonds will save the city quite a bit of money over the remainder of the life of the bonds.

Umbaugh and Associates representative John Julian approached the city council members in December to recommend refinancing $1.5 million on water bonds from 1988 and 2006. At the time, Julian said the action could save the city up to $10,000 a year.

City Attorney David Matsey informed the council last week that the city should save around $139,000 throughout the remainder of the life of the bond.