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Council approves early payoff of 2006 water bonds
Summary
The Common Council voted unanimously to use funds in the city's debt reserve account to pay off 2006 water bonds early, officials said, freeing roughly $186,000 of principal and producing about $198,000 in projected savings for the water utility.
The Common Council voted Tuesday to authorize staff to pay off the city's 2006 water bond early using money in the city's debt reserve account, officials reported. Rosie, a city staff member who presented the item, said the payoff amount is $186,000 and that early retirement of the bond would save the water utility about $198,000 compared with continuing on the existing schedule. The council's approval matters because it…
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