Bond to go toward city sewer repair and relining
Officials with Williamsport Sanitary Authority said Wednesday a bond refinancing will save about $1.7 million and used toward sanitary line projects.
The savings will be used to pay for a program to replace and reline sewer mains associated with the underground collection system, said John Baker, authority director of finance, during the monthly board meeting.
The bond has a balance of $26.2 million, he said.
“Anytime you can refinance and save rate-payer dollars, that is a very prudent exercise to engage in,” Baker said.
Michael Miller, authority executive director, said the minimum amount of savings anticipated was $525,000.
The savings are “frontloaded,” meaning put into the first four years at 3.5 percent interest, which will enable the authority to continue its program of replacing and relining sewer mains in the years ahead, Miller said.