Out of Corpus Christi City Hall, Council is looking to save nearly 25 million dollars through bond refunding.
The amount comes from refunding the city's utility system revenue obligations to the bureau of reclamation for the construction of Choke Canyon Dam. The net value savings will equal more than 9-million dollars. A bond refunding occurs when a lower interest rate is obtained to generate savings; similar to refinancing a loan.
The next bond on the list for refunding is the loan used in the construction of the Mary Rhodes Pipeline.
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