Debt Refinancing to Save Fort Dodge $800,000
The city of Fort Dodge can expect to save over $800,000 over the next ten years after deciding to refinance debt. Fort Dodge City Council approved a measure to refinance bonds with Kansas City, MO based Piper Jaffray at a true interest rate of .886 percent. Prior to yesterday, city officials had estimated that the refinancing of $8.2 million dollars of debt would save around $500,000. Jon Burmeister of Des Moines-based Public Financial Management told council that 10 underwriting firms across the country submitted bond proposals. The competitive bidding will allow the city to save $814,911 over the next decade.