City To Refinance Bonds

The city of Storm Lake hopes to save nearly 300-thousand dollars by re-financing two bond issues.

City finance director Brian Oakleaf says a public hearing will be held during the March fifth city council meeting to refinance up to 4.7-million dollars in capital loan notes. The refinancing is for a two-and-a-half million dollar hotel revenue bond for King’s Pointe, and a 2.7-million dollar urban renewal bond. Oakleak says the estimated savings by refinancing with lower interest rates is 296-thousand dollars.

This week, the city council approved issuing 700-thousand dollars in general obligation capital loan notes to pay for two fire trucks.