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Allen County Public Library refinances bonds from 2003

Thursday, November 15, 2012 - 5:47 pm

The Allen County Public Library announced Thursday that bonds issued in 2003 have been refinanced in order to take advantage of lower interest rates.

A news release stated that David K. Sedestrom, Chief Financial Officer of the Allen County Public Library, informed the library's Board of Trustees. The bonds were sold Wednesday, according to the release.

The original bond issue was for $12,400,000, with interest rates from 4 percent to 5

percent. A total of $9,995,000 is to be refinanced with lower interest rate bonds ranging from 1 percent to 4 percent, according to the release, and that will save taxpayers $364,266.