Council votes to refinance bond issue

HAMILTON - The Hamilton City Council voted to begin plans to refinance the city’s 2014 bond issue payments at its Monday, July 1 meeting.
The new payment plan would be adjusted to take advantage lower interest rates compared to when the bond account was opened in 2014.
The 2014 bond issue, which totalled $11,320,547.82, was used for several projects; such as purchasing new fire trucks, building the Hamilton Splash Pad, and purchasing the current city hall building.
A bond is basically a loan that someone gives to a government or corporation--in this case, the City of Hamilton. The city then has to pay back these loans with interest.