Washington refinances sewer fund

The Washington City Council agreed to amend and refinance its sewer revenue fund at its regular meeting Tuesday night, swapping a 3% interest rate to a 1.75% rate.

Mayor Jaron Rosien thanked City Finance Director Kelsey Brown for arranging the change, which he said would save the city $100,000 a year for the next 20 years.

“When this was bonded for a 30-year note, it was the DNR that determined our plant could have imminent failure, it was required by law that we tackle that problem,” Mayor Jaron Rosien said. “Happily, we are in an excellent position thanks to Kelsey, and the work that’s been done to lock in the best interest rate.”

The agreement required two resolutions, one to amend the city’s bond arrangements with Ahlers Cooney Attorneys, and another to approve the amended agreement. Both resolutions passed unanimously.

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