Aurora officials are planning to refinance a large bond issue, hoping for large savings.
The City Council will seek to refinance about $68.6 million of bonds left to pay on the new public safety center. The bonds were first passed in 2008.
It would be the third major bond refinancing this year. If the refinancing is as successful as Brian Caputo, Aurora’s finance director, says it could be, the city could end up saving as much as $10 million in taxpayer money from the three bond reissues this year.
The city will go out for bid on the reissue Tuesday, and by the time the City Council meeting starts at 6 p.m., they should know what the best interest rate is. The council meeting will be at City Hall, 44 E. Downer Place.
Earlier this year, the city saved about $2.6 million when it reissued about a $28.4 million water and sewer bond issue from 2006.
It also saved about $750,000 by refinancing a $6.81 million bond issue, also originally taken out in 2006.
In other action, the council is expected to approve a bid for traffic signal maintenance with DuPage County that should save both entities significant money.
The bid with Meade Electric would be for $151 for each stoplight each month. Aurora has 119 traffic signals it maintains, which does not count signals on some state or county highways. That compares to the $154 the state pays on its contract, or the $184 a nearby community pays.
The contract with Meade would also allow Aurora to feed the company access to its system, which should lead to quicker response if there is a problem with a signal.
The new contract would start Oct. 1 and run for two years.
