Iron Mountain City Council is looking to refinance their 30-year water bonds. The bonds were issued back in 2004 to upgrade the city's water system. Financial analysts made city council members aware that refinancing Iron Mountain could save a substantial amount of money.
"By refinancing those into a 15 year, we'll shave 7 years off or even going with the existing; we're looking at over a million dollars in savings in what remains compared to right now," said Iron Mountain City Manager, Jordan Stanchina.
Council members say refinancing will reduce the amount of money the city is obligated to pay. The council is also hiring a financial advisor to evaluate the idea, however, due to all the legal paperwork, it could take months before any action is taken.