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AUBURN — The Auburn Common Council on Tuesday began steps to issue a $4.31 million bond. The bond would refinance $2.25 million of existing debt from 2011, leaving approximately $2.1 million for new projects. The plan takes advantage of an expected interest rate of 1.3% for the new bond. The 2011 bond bears interest rates of 4% to 4.75%, and refinancing it will save a total savings of $300,000, council members heard last month. Last week, Mayor Mike Ley met behind closed doors with the council to discuss possible acquisitions of real estate with the $2.1 million. The bond ordinance’s text includes a list of possible uses for the $2.1 million:

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