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The Aurora City Council on Tuesday refinanced about $30.7 million in outstanding bond debt, a move that will save the city about $2.4 million between now and 2017.
The present-day value of the savings is estimated to be about $1.6 million, said Finance Director Brian Caputo.
In reissuing the bonds, the city obtained an interest rate of about 4.7 percent. Hoping to save more than 4 percent in interest payments in the next 19 years, the city ended up saving 5.3 percent because of favorable market conditions, Caputo said.
“It worked out extremely well,” he said.
