Utica To Refinance Bonds, Save Over $850,000

The City of Utica will be refinancing outstanding bonds from 2007 and 2010.

The refinancing is expected to save the City $861,000 over the next 10 years.

Comptroller Bill Morehouse presented his proposal to the Common Council on Monday and it was passed unanimously.

Morehouse says the proposal to refinance comes with no additional cost to the City and does not change the length of the bonds.  The interest rate on the refinancing of the bonds will be about  2.3%.

He says the refinancing plan and marks another positive step in regards to Utica’s improved financial condition.