City Refinances Debt for Savings

BOONE, Iowa---The Boone City Council had approved allowing the city's financial consultant Speer Financial work at a project to refinance sewer revenue debt that dates back to the construction of the new waste water plant in the mid-90's.  Boone Mayor John Slight this week said Speer Financial worked with Piper Jaffray and refinanced $4.6 million in debt with Cedar Rapids Bank and Trust and Peoples Trust and Savings Bank in Clive.  Slight says the net savings could be in excess of $300,000 over the life of the debt.  He noted payments have been shortened to meet the city's ongoing effort to aggressively pay off debt.