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home : news : north central illinois   May 24, 2016

4/2/2013 6:42:00 AM
Low interest rates mean big savings for city of Princeton


Lee Strubinger
Princeton Bureau Chief



PRINCETON— The Princeton City Council was presented with positive bond refinancing results started almost a year ago. The city refinanced four outstanding bonds almost a year ago with Bernardi and Associates.

John Vezzetti, assistant vice president for Bernardi Securities Inc., addressed the council to announce the city will save about $870,000 in interest as a result of refinancing.

Vezzetti said the city will have the opportunity to refinance more bonds at the beginning of next year. If interest rates hold to the same levels as they are now, the city could be looking to save an additional $400,000-$500,000, he added.

* In other council news, Mayor Keith Cain read a proclamation to declare Princeton aChildAbusePreventionCity. April is Child Abuse Prevention Month.

* On behalf of the Youth Services Bureau of Illinois Valley, Steve Bouslog presented Cain with a blue ribbon for his support and advocacy for children, Bouslog said.

* The council passed the second and final reading of the city’s budget.

* The council appointed Jan Bonucci to the Planning Commission and Zoning Board of Appeals in replacement of Katie Chambers. Bonucci’s term expires April 30, 2016.

* Cain reminded everyone to get out and vote on Tuesday, April 9.












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