Champaign refinances 2 bond issues to save $684,000

CHAMPAIGN – The city saved $684,000 Tuesday by refinancing two older bond issues at a much lower interest rate.

The city council approved refinancing 1998 and 1999 bond issues totaling $9.1 million. The old bonds had an interest rate of 4 percent, which has been reduced to 2.2 percent with the new bonds.

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