Higher interest rate prompts Winfield to pay off its state-sponsored City Utility Low-Interest Loan

The City of Winfield plans to make a lump sum payment of $1.6 million toward its utility loan to keep up with rising interest rates, a move that could save more than $200,000 and will keep the city on track to meet its original repayment schedule. Prior to the increase in interest rates, the city had been on track to pay off the $8.5 million loan within five years. With the rising rates, the repayment timeline would have moved back to six years and added more interest costs.
Source: Cowley CourierTraveler