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Councilors approve plan to refinance debts, save city money

Sweet Home City Council is looking to refinance some of its debts to take advantage of unusually low interest rates.

Councilors Lisa Gourley, Greg Mahler, Diane Gerson, Dave Trask, Susan Coleman, and Cortney Nash attended the council's Nov. 10 city meeting, with councilor James Goble absent.

Finance Director Brandon Neish told the council the city is currently paying interest rates between 2.4 and 3.14% on $6.5 million in existing debts, far above current market rates for interest.

"We can potentially get those rates below 2% for all of those," Neish said.

Those loans date back to projects...