FARMINGTON -- At the behest of Zions Bank, city officials are taking a look at refinancing a 2009 bond to save as much as an additional $160,000 in interest.
Finance Director Keith Johnson said he was contacted by the bank about the potential savings on the 2009 bond to build city hall, because interest rates have fallen to 1.3 percent.
He said the city could potentially shorten the length of the bond by one year and save money while making the same payment it currently pays.
In August 2009, the city bonded for $1.25 million to finance a new city complex, which included a police station and city hall. The bond is for 12 years, Johnson said.
He was advised to move forward with the proposal.