Ashland officials are planning to refinance the city’s remaining debt for its water plant expansion.
On Thursday, City commissioners are expected to give final approval to refinancing more than $4.9 million in bonds remaining from those sold to upgrade and expand Ashland’s water plant in 2004.
The city originally issued more than $8.2 million in bonds to pay for the project, according to Assistant Finance Director Michelle Veach.
She said the move is expected to save taxpayers approximately $250,000 over the next 10 years.
“Anytime we can save money, we try to do so,” said Veach .”We constantly monitor our outstanding liabilities.”
Veach said the city won’t know its exact interest rate on the bonds until they go out to sale in March.