Akron City Council plans to vote Monday on a request by Mayor Dan Horrigan to seek refinancing of about $235-million in city debt.
According to Budget Director Diane Miller-Dawson that move can save $8-million in interest on existing loans for school and street improvements. She also says it is part of an overall strategy for careful management of the city’s capital debt--particularly important given the continued borrowing needed to cover the billion-dollar-plus price of a Federal Court ordered overhaul of Akon’s sewer systems. Miller-Dawson says there are efforts underway to moderate those costs too, but that involves a possible hitch.
“So we can’t just make changes. When we try to design cheaper options, we actually need the judge to say you can substitute these cheaper projects to the other projects.”
Design alternatives include green technology like wetlands to handle storm runoff instead of concrete tunnels.
