City to consider refinancing Fibrant funds

  • Posted: Tuesday, March 26, 2013 12:20 p.m.
    UPDATED: Tuesday, March 26, 2013 12:48 p.m.

SALISBURY — Salisbury City Council will hold a special meeting at 10:30 a.m. Thursday in City Hall to consider refinancing the 2008 Fibrant Certificates of Participation, a change staff said would save $1.9 million.

The city’s current interest rate on debt issued to finance Fibrant, Salisbury’s new broadband utility, is 5.11 percent. Since 2008, interest rates have reduced substantially, Assistant City Manager John Sofley said.

STI Institutional & Government Inc. has offered to refinance the outstanding debt at 2.24 percent, which would save $1,985,420, Sofley said.

Read more in Wednesday’s Post.

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