Arkansas City could save more than $2 million with water loan refinancing

A proposal to refinance three loans related to water services in Arkansas City could save the city more than $2 million through next 15 years. Arkansas City commissioners will consider two resolutions today that would allow the city to refinance the loans at a lower rate. The outstanding balance for the three loans is $23,114,128, the bulk of which ($19,844,813) is for the water treatment plant that opened in 2018. If approved, the refinance could save the city $2,194,041 in interest and shorten the term of all three loans, City Manger Randy Frazer said. “Right now interest rates are extremely low,” he said. “Any time you can save the citizens that kind of money, it’s worth looking at.”
(Read more: The Arkansas City Traveler)