Knox City Council Approves Rebonding of Community Center

Knox Community Center

The Knox City Council has decided to refinance the remaining payments on the Knox Community Center. John Julien, from Umbaugh and Associates, appeared before the council to announce that re-bonding rates would go from 5.6% to 2.5%, and the city could realize savings from $14,000 to $25,000 over the course of the payments.

John Julien talked about the city’s cost of paying off the Community Center bond by 2019.

“It’s going to cost $637,000 to pay off the 1997 bond issue,” said Julien. “The interest rate that we’ve been negotiating with them is 2.5% so you’d have, over the life of the bond issue, about $63,000 in interest. Add that to the principle and you’ll be paying back about $700,000.”

The final vote was 3-2.