LEWISTON — The city will close out bonds used to renovate the Androscoggin Bank Colisee 10 years early, councilors unanimously agreed Tuesday.
Finance Director Heather Hunter said the plans call for using $3.48 million from the city’s fund balance to pay off outstanding debt. That debt represents the 20-year bonds the city sold in 2005 to pay for renovations at the Colisee.
“We are paying off the principal, and that means we’re saving on paying the interest for the next 10 years,” Hunter said.
Hunter said that will save the city $1 million over the life of the bonds. The move will allow the city to cut 2016’s debt payments by $416,000.
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