SPEARFISH, S.D. — The Spearfish City Council has approved paying off a tax revenue refunding bond nearly two years ahead of schedule, a move expected to save the city between $6,000 and $7,000 in interest costs.
The bond was originally issued in 2008 to help fund construction of the Spearfish Recreation and Aquatics Center, including the water park and indoor recreation facilities. In 2015, the city refinanced the debt to take advantage of lower interest rates.
Finance Officer Michelle DeNeui told council members that retiring the bond early would provide a cost-saving benefit for taxpayers by reducing the amount of interest paid over the life of the loan.
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