Posted: 3:32 PM Dec 4, 2012
Reporter: Andrea Williams

City to Refinance Water, Sewer Bonds

Meridian's city clerk says the city stands to save a million dollars by refinancing bonds.

Ed Skipper says 5-year-old water and sewer bonds are being refunded.

"It's kind of like refinancing your house with a better interest rate," said Skipper. "So, we're taking older bonds with a high interest rate and selling a new bond at a lower interest rate and paying off those old bonds. So, it's going to save us interest."

Skipper says the $1 million will be saved over a fourteen-year period. He says that money will be used for improvements with the city's water and sewer systems.

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