MT. VERNON — The Mt. Vernon City Council will be looking at refinancing old bonds and issuing $13 million in new bonds for capital projects at Monday night’s city council meeting. City officials made the announcement Wednesday.
Mt. Vernon Finance Director Steven Tate says refinancing the two bonds issued in 2010 and the bond from 2012 will save city taxpayers almost $3.3 million in interest because of historically low interest rates.
Tate says the interest on the $13 million in new bonds is about $4.2 million dollars with current interest rates. All told, city taxpayers would only be paying about $950,000 more over the life of the new bonds for the capital money.
Mt. Vernon City Manager Mary Ellen Bechtel says there are multiple projects that could be covered through these new bonds.
Mt. Vernon mayor John Lewis says with the historically low interest rates, the time is now for the city to get these projects going.
The first reading of the ordinance for issuing and refinancing these bonds is scheduled for Monday night at the Mt. Vernon City Council meeting.