posted on July 18, 2014 14:24
The City of Batavia has refinanced its City Centre debt service.
City officials say it will save $300,000 over the 21-year life of the reissued bond.
Batavia owns approximately $4 million in general obligation bonds that financed the City Centre’s construction in 2004.
The interest rate at the time through USDA Rural Development was 4 percent. Officials say, like refinancing a home, refinancing the City’s outstanding bonds will reduce the interest paid over the life of the loan.
City Council approved the refinancing in April 2013, but waited until bond markets rates were lowest.