Normal to refinance $23.5M bond

Posted on December 19, 2016
Uptown Circle
The bond was taken out in 2007 to help fund projects in Uptown Normal. (WJBC file photo)

By Adam Studzinski

NORMAL – Normal is looking to take advantage of low interest rates by refinancing a $23.5 million bond the town approved in 2007.

City Manager Mark Peterson said the bond was originally for funding various projects in Uptown Normal. He added this move is similar to refinancing a home mortgage.

“We’re estimating we’ll save about $2.5 million over the bond term.” Peterson said.

Normal still has 21 years left on the bond payback. The Town Council will vote on the proposal Monday night.

The council will also vote on approving the 2016 property tax levy. Normal plans to raise its rate by almost 2 percent, which would result in an increase of $13 on the tax bill of the owner of a $165,000 home.

Adam Studzinski can be reached at [email protected].

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