COLDWATER (WTVB) - The Coldwater City Council and Coldwater Board of Education both meet tonight in regular session. Declining revenues and property values are a major challenge to funding city government operations across Michigan and one way to make up a portion of the losses is to take advantage of lower interest rates on borrowed money. The City of Coldwater has done just that again with the latest opportunity realized with the refinancing of wastewater bonds.
City Manager Jeff Budd in his latest report to the City Council said Century Bank and Trust and Southern Michigan Bank and Trust are buying a portion of the bonds keeping the money locally while helping to reduce bond issuance costs for the utility rate payers of the system. Budd said the refinancing will save a net present value of $179,000, which is approximately 5.4% of the current bonds being refinanced.