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AUBURN â 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 ordinanceâs text includes a list of possible uses for the $2.1 million: ....
AUBURN â The City of Auburn soon could have $2.1 million to spend on new projects. âI donât think weâll have any problem coming up with projects to spend it to invest in our community,â Mayor Mike Ley told the Auburn Common Council on Tuesday in City Hall. The amount could turn out to be nearly $5 million, depending on Auburnâs share of the federal economic stimulus package (see related story). The council on Tuesday began discussing plans to issue a new, $4.31 million bond. It would refinance $2.25 million of existing debt from 2011, leaving the rest for new projects. The plan takes advantage of an expected interest rate of 1.3%. The 2011 bond bears interest rates of 4% to 4.75%, and refinancing it will save $60,000 per year in interest, for a total savings of $300,000. ....