Finance and grant are on City Council’s slate

City Council tonight is expected to look at a request of the finance department to refinance existing bonds to pay city debt down.

The administration proposes redeeming bonds issued in 2013 and 2014 with a new $21.2 million bond. The proposal received initial recommendation from the finance committee.

The request is expected to bring in $300,000 over the first two years in savings because of the low interest at this time, said William E. Nichols Jr., city finance director.

Interest with a bond issued from M&T Securities is 1.5 to 2 percent at this time, he said.

Debt includes that of River Valley Transit and the Williamsport Parking Authority.

Council also plans to look at a grant approved for the Williamsport Bureau of Fire. The $4,500 grant from the state fire commissioner, through natural gas impact fees, will pay for several gas meters, which measure the level of dangerous gas when firefighters enter enclosed structures, city Chief Todd Heckman said.