The interest rate on coupons from the bonds is expected to be about 3 percent, 2 percent lower than the current financing, Finance Director Robyn Brown said.
Officials in Mason and Beavercreek said they were looking at taking advantage of lower interest rates on municipal bonds to refinance their golf course debts.
“It’s just a smart move. Any place you can save money,” Springboro Mayor John Agenbroad said.
Springboro’s new financing through the Royal Bank of Canada will cost about $10,000, but save about $360,000 by the time the notes mature in 2022, Brown said.
Beavercreek officials are studying refinancing of $8 million to $9 million in debt on the city’s course, Golf Course Manager Steve Klick said.
In March, Mason expects to refinance $8 million in debt on the Golf Center at Kings Island with one-year notes, spokeswoman Jennifer Trepal said.
Mason officials expect to spend about $14,500 and save $200,000, Trepal said.
Contact this reporter at (937) 225-2261 or lbudd@DaytonDailyNews.com.
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