Council to consider refinance of bonds

WARREN -- The city wants to take advantage of low-interest rates by refinancing long-term bonds.
The city has no short-term debt. That has been paid off, said Mayor Hank Angelo. Refinancing would enable the city to borrow an additional $1.3 million and pay it back over the next 10 years, taking advantage of lower interest rates, the mayor said. The amount saved will depend on when the ordinances are passed and paperwork completed. "They say that when it's 3 percent [interest rate], it's economically feasible to go out" [for refinancing], Auditor David Griffing said.