Bloomington Plans to Refinance Bonds for Coliseum

Published 07/14 2014 05:43PM

Updated 07/14 2014 10:51PM

BLOOMINGTON- The Bloomington City Council is looking to refinance $24 million in taxable bonds for the U.S. Cellular Coliseum.

The council passed the measure Monday night. Now, the refinancing could help save the city almost $6 million in interest payments over the next 20 years.

The initial bonds on the Coliseum were high interest and taxable.

The refinancing would change the bonds to low interest and non-taxable.

City Manager David Hales says the city is always looking for ways to save on interest and is seizing the opportunity to bring down the debt of the Coliseum.

"We don't think it'd be wise to refund a hundred percent of the taxable but after this, we think we're in great shape to of really lowered, you know, the cost of the debt that was issued to construct that facility," added David Hales, Bloomington City Manager.

If passed, the city manager says this would be the largest refunding in the last five and half years.

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