Humboldt saves money by reissuing its bonds

The city will save about $371,000 on its $1.5 million debt and cut six years off the payment schedule.

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January 12, 2021 - 9:50 AM

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HUMBOLDT — Humboldt’s financial picture got a whole lot rosier Monday night when city council members approved the reissuing of about $1.5 million in bonds. 

The action means a savings of about $371,000 on the $1.5 million debt it owes, and cuts six years off the payment schedule, with the last payment due in 2045.  

The interest rate on the bonds will go from 3.51% to 2.2%. For the city, that means an 18.5% savings on its overall payment. 

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