By Howard Packowitz and WMBD-TV
NORMAL – Similar to refinancing a home mortgage, the Town of Normal hopes to save money by taking advantage of low interest rates to refinance up to ten million dollars in debt.
The town council Monday night approved the refunding that’s expected to save taxpayers $1.15 million by the time the bonds mature in 2039.
The town first issued the Treasurys in 2008 at a fixed interest rate of 4.62 percent. City Manager Mark Peterson said the town is banking on issuing the bonds at a lower rate.
“We look forward to the marketing of these bonds, and we hope we’ll save some money. We think we will,” said Peterson.
Normal’s council also approved spending about $50,000 in funding over the next three years for Illinois Wesleyan University’s Small Business Development Center.
Our news partner, WMBD-TV, said this is the amount Normal originally pledged to the center despite the Bloomington City Council’s decision to contribute a lower-than-expected amount.
Bloomington chose to evenly split the cost, while Normal favors a 60-40 split mirroring Bloomington’s larger population.
The Bloomington-Normal Economic Development Council pledges to find adequate funding to run the center.
Howard Packowitz can be reached at [email protected]
