Quincy, IL News - Journal930.com
Quincy, IL News - Journal930.com
Monday, Aug 31, 2015

City looks to refinance G.O. bonds

2 years, 6 months ago by Bob Gough

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.