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Officials say Logansport will save $251,000 by refinancing bond

Last Updated on April 13, 2016 by cassnetwork

Logansport officials have taken advantage of low interest rates to reduce payments on a 2007 bond issue for the Ivy Tech road construction project.

When the bond refinancing is finalized next week, it will save the city more than a quarter of a million dollars.

“This is good news for anyone who pays property taxes in Logansport because it reduces their taxes through 2028,” Mayor Dave Kitchell said today. “We will be able to save $251,519.79 overall, which is more than the original estimate we had for the refinancing.”

The bonds have already been purchased by Security Federal Savings Bank of Logansport. Mayor Kitchell said he appreciates Security Federal’s involvement as an example of being vested in the community and invested in its future.

“We appreciate the work Clerk-Treasurer Stacy Cox put into this as well as the cooperation of Umbaugh & Associates, our financial analyst,” he said. “With the unanimous support of the council, we have been able to conserve tax dollars and do what we can to lower property taxes, and that’s what we were elected to do.”

The refinancing will reduce bond payments by $5,408.65 this year.

Kitchell said the city, along with Cass County officials and the Logansport Community School Corporation, hope to save more tax dollars for all three entities by streamlining all financial analysis services through Umbaugh.

“It doesn’t make sense for three different local taxing units to hire three different consultants to essentially do the same thing,” Kitchell said.“To my knowledge, this is the first time in Cass County that we’ve had this kind of cooperation between different levels of government, and I hope it is a trend that continues.”

SOURCE: News release from the Office of Logansport Mayor Dave Kitchell

Cass County Online