The City of Kokomo is saving $200,000 by refinancing its Waste Water Utility bonds at a lower interest rate of 2.0%, a drop from 3.8%. The sewer bonds were originally issued in 2008 in the amount of $3,755,000. The length of term has not changed. The bonds were issued to complete treatment plant upgrades to help limit combined sewer overflows during wet weather events.
“It only makes sense to make this move so we can save taxpayer dollars and maintain Kokomo’s strong financial position,” said Mayor Greg Goodnight. “We actively seek any opportunity to save money.”
City Controller Randy Morris said the savings will be seen over the course of the term.
“By refinancing these bonds, we’ll realize substantial savings,” said Morris. “City residents deserve diligent and strong financial management practices.”