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Bond refinance to save city taxpayers $310,000 | Preston Citizen

Bond refinance to save city taxpayers $310,000

June 26, 2012
By

By ROBERT S. MERRILL 

Assistant editor

Taxpayers will realize a $310,000 savings over the life of a water-improvement bond thanks to the action of Preston City Council members.

On Monday the council unanimously opted to refinance a $5.2 million bond with Zions Bank and lower an interest-rate charge by 1.2 percent.

The 20-year bond was originally financed through the Department of Environmental Quality in 2008 at 3.2 percent and is paying for improvements made to water distribution lines, building a new water storage tank and installation of water meters.

This story is sponsored by Edward’s Floral.

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