By Mike Genet mike.genet@examiner.net
Independence Power & Light will use some of its surplus cash to pay off some bonds several years early, saving the city utility more than $4.5 million in interest payments.
The City Council unanimously approved a payment of $10.6 million last week, covering the outstanding balance on more than $33 million of bonds issued more than 10 years ago for a series of maintenance projects. City Manager Zach Walker said the transaction pays off the bonds 15 years ahead of schedule.
That decision was one of several the council made with long-term implications for IPL. The council also:
• Set a policy of using cash surpluses first for debt reduction and then ratepayer relief.