Umbaugh and Associates will be working on refinancing the water bonds after the first of the year.

Clerk-Treasurer Jeff Houston informed the Knox City Council members that John Julian said the markets should be better after the new year starts to ensure the city gets the best rate possible. Julian approached the council earlier this month to move forward with the process. The city has $1.5 million outstanding on bonds from 1988 and from 2006. Julian suggested that refinancing now could save the city up to $10,000 a year throughout the remainder of the life of the bond.

The council previously approved an ordinance to jump start the movement on the refinancing action. Houston said he should know more about the bond refinancing during the council’s second meeting in January.