Morehead City decides to refinance three bonds, ultimately saving the town, residents money in long run

Crystal Coast

MOREHEAD CITY (WNCT) – The Town of Morehead City along with businesses and residents in that area will save close to $5 million over the next 30 years. It all has to do with a move by the city council Thursday. 

The town will refinance three different bonds, in hopes to ultimately save not only the town but residents and business owners money in the long run. 

“It will reinforce to our citizens and our business owners that, you know, the mayor and city council and our staff are dedicated to looking at ways to save money for our residents,” said City Manager Ryan Eggleston. 

The three bonds they are refinancing come from Katherine Davis Park, Fire Department Station Two and the police department. 

“We’re putting $1.2 million of our money, current money, towards the old three loans. They’re coming into one loan. And so by doing that, we’ll capitalize on the lower interest rates, which are significantly lower right now compared to when they were borrowed 15 years ago,” said Eggleston. 

The loans had 30 years left, according to Eggleston, and now after the decision to refinance them, they will bring them down to 15 years. The council unanimously agreed to this refinancing. This will save the town and residents $4.8 million over the next 30 years. 

“It’s an opportunity for us, the mayor and city council, and our staff to be financially prudent, and really looking to the future,” said Eggleston. 

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