Zanesville City Council voted to refinance some of their bonds from 2003 at their Monday night meeting.
Introduced as an emergency in order to lock in a lower interest rate, members of council waived the readings and passed the ordinance which will result in a net savings of $53,303 in interest payments. The bonds will be retired in 5 years, making the average annual savings $10,660.
The money saved will go back into improvements to be made to the city’s sanitary sewer system, water systems, Secrest Auditorium, Riverfront Park, Safety Center, and acquiring land for a civic center.
Members of council also passed an emergency ordinance for resurfacing and related works on State Route 719 in Zanesville. The ordinance was given emergency status as it needed to be approved and returned to the Ohio Department of Transportation by September 18, 2014.