11/26/2012 City approves refinancing taxable bonds By: CHUCK CLEMENT, Staff Reporter The Madison City Commission gave its approval on Monday to a proposal to refinance the remaining amount owed by the city on a 2004 taxable-bond issue. City Finance Officer Jeff Heinemeyer explained to the city commissioners that if the refinancing was successful, Madison could save from $400,000 to $600,000 in payments over the remaining life of the bonds. The city still owes $3.58 million to pay off the taxable bonds that financed the construction of Madison's electricity generation plant. The current payment schedule ends in 2025. If the savings stand at the $600,000 mark, inflation - at current levels -- would only decrease the savings to about $500,000, according to Heinemeyer. The commissioners gave the mayor and city finance officer the authority to conduct the refinancing work.

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