City to Save Big in Refinance Deal

The City of Port Huron expects to be saving some money pretty soon.  Port Huron City Manager James Freed informed city council members about some savings they can expect from refinancing bonds that funded the multi-year sewer separation project in Port Huron. The City estimated that they would have a new rate of around 3.15% when they refinanced.  The City received seven bids from banks looking to refinance those 2007 Sewer bonds.  Key Bank returned a bid of 2.58%. The result was significantly greater savings than anticipated.  The city will save a total of $338,091 by refinancing which is $135,786 more savings than they hoped for.