Albany Treasurer Darius Shahinfar announced today a 5-year savings of $750,000 to city taxpayers.
Shahinfar says the savings will be accomplished by the refinancing of $9.27 million of 2006 bonds, which has lowered the interest rates on those bonds from an average of 5.1 percent to 2.4 percent. In a statement, Shahinfar thanked the Albany Common Council for "quickly approving the necessary authorization for this transaction."
The move comes amid word that Mayor Kathy Sheehan may have to cut a projected revenue estimate of $2 million in red light camera revenue since the new system may not be operational for another two months.
