Eldora Council Masks

The Eldora City Council held a special meeting Tuesday night. They unanimously approved the refinancing of sewer bonds. The meeting was also the first that required everyone in attendance to wear a mask due to the coronavirus pandemic.

The Eldora City Council unanimously approved the refinancing of sewer revenue refunding bonds at a lower rate that will save $132,677 over the remaining life of the bonds during Tuesday's special meeting. 

The bonds, which were originally issued in 2012, were being paid off with an interest rate of 2.4 percent. But the average rate will be 1.02 percent from now until the bonds are paid off in 2027 because interest rates are competitive at the moment. The new rate will save the City between $22,000 and $23,000 per year.

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