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Mill City Refinances Sewer Loans

posted Jul 25, 2017, 3:13 PM by Stacie Cook   [ updated Aug 9, 2017, 10:30 AM ]

Two Sewer Loans Refinanced; Savings Anticipated

Mill City, OR, July 24, 2017:  The City of Mill City has refinanced two existing sewer loans, combining the two loans into one and reducing the term by a full two years. 

Piper Jaffray & Co. assisted the City in completing the refinancing of loan/bonds issued 1993 and 2008.  The combined total of loan/bonds that was refinanced is $1,982,384.00.  On July 11, 2017 the new loan funded by Texas Capital Bank.  An interest rate of 2.55% and the reduced term will result in an cumulative savings of $418,508.00.

The Mayor, City Council and Staff are excited to have had the opportunity to reduce overall costs for these loans on behalf of the citizens of Mill City.  If you have comments, questions or concerns please contact:

Stacie Cook, MMC

City Recorder

City of Mill City

PO Box 256

Mill City, OR 97360

503-897-2302

scook@ci.mill-city.or.us

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