The Town Council in Normal is talking about refinancing up to $10 million in taxpayer debt. Paying off old bonds and issuing new ones at a lower interest rate could save residents $600,000 in interest if passed. The plan in question would lower interest rates on a 2005 bond issue. The process is similar to refinancing a home mortgage. If market-based interest rates head higher, the proposed ordinance gives city officials the flexibility to abandon the plan.
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