The Knox City Council has decided to refinance the remaining payments on the Knox Community Center. John Julien, from Umbaugh and Associates, appeared before the council to announce that re-bonding rates would go from 5.6% to 2.5%, and the city could realize savings from $14,000 to $25,000 over the course of the payments.
John Julien talked about the city’s cost of paying off the Community Center bond by 2019.
“It’s going to cost $637,000 to pay off the 1997 bond issue,” said Julien. “The interest rate that we’ve been negotiating with them is 2.5% so you’d have, over the life of the bond issue, about $63,000 in interest. Add that to the principle and you’ll be paying back about $700,000.”
The final vote was 3-2.
