Ark City commissioners are considering two resolutions to allow the city to refinance three loans related to water services, that could save more than $2 million over the next 15 years due to a lower rate. The bulk of the outstanding balance for the three loans is for the water treatment plant that opened in 2018. If approved, the refinance could save the city just shy of $2.2 Million in interest and shorten the term of all three loans. If the city commission agrees to move forward, the city would then work with bond counselors and financial advisers, who will do the final work.
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