FORT WAYNE – The Allen County Public Library will save more than a quarter of a million dollars after refinancing outstanding bonds at a lower interest rate, officials said.
The bonds were issued from 2001 to 2005 as part of the library’s $64 million expansion.
The 2003 bond that will be refinanced was sold Wednesday and closing will take place in the next few weeks, the library’s board of directors was told Thursday.
The library was charged interest rates ranging from 4 percent to 5 percent on the $12.4 million bond, finance manager David Sedestrom said.
The remaining $10 million balance will be refinanced with an average interest rate of 3.8 percent, resulting in a savings of $364,266. The bond will mature in 2017, Sedestrom said. The library renovation-expansion project was completed in 2007.