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Council told next bond payment due Oct. 1; CDs renewed through 2027
Summary
Finance staff reported the next bond principal-and-interest payment is due Oct. 1, that long-term CDs have renewed through 2027, and that the refinanced bond will be paid off in October 2047 under current schedule.
Michael reviewed the city's long-term obligations and investments. He told council the next bond payment including principal and interest is due on Oct. 1 and said the refinance schedule results in a payoff date of October 2047.
He also said all city CDs have renewed and are good through 2027, with current rates noted in the packet. Michael estimated the October payment will be roughly $296,000 (principal and remaining interest) and that an interim interest payment is small (roughly $1,200 in April under the current schedule).
