City looks to refinance G.O. bonds

3 months, 1 week ago

The City of Quincy is looking to refinance some of its bonds at lower interest rates in order to save money.

The City Council’s Finance Committee heard a proposal from the administration that would refinance one set of bonds at a 1.6 percent rate, which is down from the current 5.75 percent rate and save $72,000 and another set of bonds at a 2.08 percent rate, which is down from the current 4.47 percent rate and would save $140,000.

The action moves to the full City Council for a vote.

The City Council reviewed sales tax revenues for November, with the city bringing in $785,314 in sales tax and $842,581 in home rule sales tax revenues.

Aldermen gave third and final reading and approved moving $14,147 from the general fund to the City Council group insurance plan.