Knox City Council Approves Ordinance to Refinance Water Bonds


The Knox City Council approved an ordinance to refinance the water bonds.

John Julian from Umbaugh and Associates explained to the Knox City Council members last week that the city has $1.5 million outstanding on bonds from 1988 and from 2006 and refinancing now could save the city up to $10,000 a year throughout the remainder of the life of the bond.

Julian said it depends on where the interest rates are but he hopes that he can close on this refinancing by the end of the year.

The council members approved the ordinance on all three readings after suspending the rules to move this process forward.