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City of Galt uses internal loans to save money

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Posted: Wednesday, June 5, 2013 12:00 am

The city of Galt can save tens of thousands of dollars by refinancing current bonds and replacing them with internal loans, according to recent staff research.

At Tuesday’s regular meeting, the Galt City Council unanimously voted to appropriate $935,000 from the General Fund to refinance the 2001 Police Building and Related Facilities Certificate of Participation bond and pay off the 1999 Wastewater Revenue Bonds using internal loans.

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