FDL City Council Approves Refinancing Of Bonds

The Fond du Lac City Council this week refinanced a bond issue from 2007. Director of Administration Tracy Salter told the Council the interest rates were more favorable than what was projected at a previous meeting of the Council. The total savings will be $543,433 with a present value savings of $522,000. The average interest rate will be 2 percent compared to the previous rate of nearly 5 percent. The bonds were callable and the refinancing was for the remaining 5 years of principal payments. City Council unanimously approved the resolution.