The Madison City Commission approved a plan to refinance the remaining amount of tax-free bonds that have funded the city's share of the Lewis & Clark Regional Water System.
City Finance Officer Jeff Heinemeyer proposed on Monday that Madison refinance the sales tax revenue refunding bonds that were issued in 2006. The city issued about $1.6 million in bonds for LCRWS and their current interest rate stands at about 4.2 percent to 4.6 percent.
If the new bond issue brings the interest rate down to 1 percent to 2 percent, Heinemeyer said the city could save $50,000 after all of the rebonding expenses are paid.
The city commissioners also approved the first reading of three ordinances that will raise the annual fees for electrician, plumbers and sidewalk builders' licenses to $100 per year. The annual fees currently stand at $20 for electricians and plumbers and $5 for sidewalk builders.
The commissioners will hear the second reading of the fee ordinances during a Dec. 17 hearing at 5:35 p.m. and consider approving the fee raises.