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Reed Memorial Library in Ravenna is in the process of refinancing the debt from its 2003 expansion of the library.
Library Director Cass Owens said the library won't know exactly how much taxpayers will save until the bonds are sold.
But Ravenna Finance Director Kim Cecora said the issue could shave as much as $1 million off the life of the loan.
The city backed the library in applying for the 2003 bond issue, since it could not apply for the bonds on its own. The library is using the city's A2 credit rating, and Cecora estimated that it could reduce the interest rate from 5 percent to 3.5 percent, which would result in a savings of $50,000 each year.
The new loan would be for 20 years, since 10 years in the original 30-year loan have elapsed.
"It's like refinancing your house," Owens said. "The goal is to save money for the taxpayers."
The 2003 bond issue was for a $5 million renovation of the library on East Main Street in the city.
Owens said it is still early in the refinancing process, and details are still being worked out by the library board and its bond counsel.
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