DUBOIS – The first reading of an ordinance for the refinancing of the remainder of a $5,040,000 was held at the regular meeting of DuBois City Council on Monday night.
The loan was for infrastructure improvements in the city. There is a balance of $1,736,000.
When the loan was originally taken out it had a variable interest rate that was 5.5 percent. According to Toni Cherry, solicitor for the City of DuBois, the rate had climbed to the point where it was fiscally prudent for the city to consider refinancing it.
S&T Bank offered to refinance the loan at a 4.91 percent fixed rate for 240 months.