Lafayette to save $343K by refinancing

LAFAYETTE, Ind. (WLFI) - A refinancing move by Lafayette city leaders should save the city about $343,000 over the next few years.

The Lafayette Parks Board voted to refinance three bonds Monday afternoon. 

They include a $5.5 million bond in 1998, a $4 million bond in 2001 and a $2.5 million bond in 2003. They add up to a combined $12 million. 

Over the years they have helped such projects like the Aquatics Center, the McAllister Center and several buildings at Columbian Park and the Zoo.

There is a combined $6.5 million left in the last seven years of the bonds. The refinancing moves are expected to save $343,000, all of which comes from property taxes.

"When they came and reported the numbers to us, we were all excited, because that's a significant amount of money to save in a short amount of time," Parks Board President Dave Mecklenburg said. "They are going to mature in 2019, so saving $343,000 in that amount of time is a huge success."

Even with the refinancing, the bonds will still expire in 2019.