One hundred thousand dollars. This will be saved annually if the Escanaba City Council approves the decision made Wednesday at the Escanaba Building Authority meeting held at City Hall.
A motion was passed to pay off the $2.4 million in outstanding bonds. This will be possible by spending $1.2 million of the general savings fund. The remaining $1.25 million will be borrowed internally from the electric fund and paid back at a fixed interest rate.
â??It saves the tax payers money, it frees up money in the general fund, and it allows another fund to earn a higher interest rate than what is currently being made out in the market today,â?? said Jim Oâ??Toole, Escanaba City Manager.
Next, it will be brought before the City Council for review and approval.