Binghamton Mayor Rich David has revealed two plans which could save tax payers $1 million, and also add to the city’s revenue. The first plan is to refinance a bond taken by the city in 2007 to a lower interest rate. The bond was originally taken for $23.5 million at a rate of 4.29%. The city now owes $18.8 million dollars which they could refinance at a 2.85% interest rate. This first plan would save tax payers $1 million over the next 15 years. The second plan would be to move city cash funds to a local bank that has a higher interest yield. According to David, the city would move $5 million dollars to a local bank and receive $65,000 in annual interest.
