Council pays down debt to save money
The authorization to pay off a bond will save the city $76,000 in interest costs and take more than $1 million of debt from Rosemount's balance.
"It's just a common sense thing to do," said Jeff May, the city's finance director.
The city council authorized payment of a General Obligation Water Revenue Bond on Oct. 2. The bond was issued in November 2005 for the Bacardi Avenue water tower. The bond was set to be paid until February 2016.