Instead of yearly debt note renewals, a new payment structure approval will continue paying off the Uhrichsville Water Park.
In 2007, the city went into debt at $4.5 million for recreational facilities.
FHN Financial Vice President Kathleen Clark says the final maturity is December 31, 2032.
“In 2015, those bonds were called and refunding into one-year notes that matured annual to take advantage of the low interest environment at that time.”
Thursday evening, an ordinance acceptance includes not exceeding $2.1 million and capped an eight percent interest rate.
“Moving forward the city will make principal and interest payments on December 1st, so your principal payment will be due December 1, 2025 with interest payments on June 1st and December 1st.”
Annual bond renewals have saved the city $750,000 in interest since 2015.
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