On Monday, May 3, Marion City Council Finance Committee passed on an issue to the full Council that would save the City of Marion over $343,000 over the next ten years.
City Auditor Kelly Carr submitted the proposal to Council that would in effect merge two outstanding bonds together to create a single bond valued at nearly $11 million and re-issue that new bond.
She says that because of the market, the City of Marion stands to see substantial savings with this move. Until the bonds are actually sold, the exact number cannot be known, but Carr says the savings would average over $30,000 a year.
The City would still have several bonds outstanding. Carr says those will be review around October. At that time, the rest of the bonds may be rolled together with bonds for the proposed City Pool Project.
The full City Council will discuss the bond proposal at their meeting on Monday, May 10.
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