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David Announces Initiatives to Benefit Taxpayers

Mayor Rich David announced two separate directives that will benefit taxpayers by saving money and increasing revenue.
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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