Cove City Council issues new $1+ million bond

The Copperas Cove City Council issued a $1.8 million, 25 year bond on Tuesday, the same day that the city council refinanced two 2003 loans saving a total of $500,000.  The revenue from the bonds along with the majority of the refinanced loans will be used to fund water and sewer infrastructure improvements.  The interest rates for the newly issued bond will vary before its maturity date but will average about 3.24%, and the city will likely pay $1 million just on interest alone.  Even though the two 2003 loans were refinanced, they are still expected to be payed off in 2023 but the rates will be lower than expected.