Sewer bond refinancing could mean steady rates
ONTONAGON – Ontonagon Village sewer customers will enjoy steady rates, with village plans to refinance outstanding sewer bonds.
“It may not have an effect of lowering rates now, but it will stabilize the rates for the next five years or so,” said Village Manager Joseph Erickson. “Our hope is to save approximately $300,000 in future interest. That’s a savings to our customers.”
The village currently has two sewer bonds. The $65,000 remaining on a 1997 bond will be paid off, and a lower interest rate will be established for the $2,000,000 outstanding on a bond from 1996, reducing the village’s debt, if all goes as planned.
Erickson expects the bond sale to be complete in August or September.