Columbus to pay off bonds early

Columbus City Council members voted Nov. 28 to pay off the balance on road improvement bonds that were outstanding from 2005, a move that will save the city nearly $7,500 in interest costs.

The city had approved those bonds to finance the paving of 189th Avenue and Vassar Street, which were formerly gravel, and funded its repayments through assessments against properties on those roads and on 191st Avenue.

With the council’s approval, the city is scheduled to make a final payment of $106,667.50 to bondholder First Resource Bank, of Lino Lakes, on Dec. 19. The city was otherwise scheduled to make its next payment of $27,175 on Feb. 1,
2013, among 20 scheduled payments over 10 years.