City of Bowie refunds bonds; expects to save $136K interest

The Bowie City Council approved the refunding of bonds used to construct the community center selling at a lower interest rate that will save about $136,000 across the final 10 years of the payoff.
Along with the bond action, council members began the budget process accepting the draft proposal presented by City Manager Bert Cunningham.
Kevin Learner of Government Capital Securities made the presentation on the bond refund explaining there are 10 years left on the bonds that were purchased at a four and 4.25 percent interest rating. The refund rate is 1.90 percent which will create a savings of about $136,000 across the 10 years with savings ranging from $10,000 to $16,000 a year in interest.

Read the full story of Monday night’s meeting in the mid-week Bowie News.