David Announces Initiatives to Benefit Taxpayers

Published 08/08 2014 04:25PM

Updated 08/08 2014 05:17PM

Binghamton Mayor Rich David says two separate financial directives will save the city $1 million in interest payments over the next 15 years.

The first initiative is to refinance a 2007 public improvement serial bond.

By reducing the interest rate from 4.29 to 2.85 percent, Binghamton will save $935,000.

The remaining savings will come from shifting up to $5 million of its cash deposits to an account earning higher interest at Chemung Canal Trust Company

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