Mayor Plans to Pay Down Debt with Sewer Sale Money
SCRANTON — The city of Scranton plans to use some of the proceeds from the sale of the sewer authority to pay off some of its debt, Mayor Bill Courtright said on Wednesday.
Other debts the city has will also be refinanced if city council approves the financial moves next month.
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The mayor said that $15 million from the sale of the sewer authority will pay off debts from 2003. That payment, along with refinancing of that debt, will save the city $28 million over the next ten years, according to the mayor.
City council plans to vote on the decision sometime next month.