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Oakwood to save $1.6 million through sewer debt refinancing
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Oakwood refinanced its sewer debt Wednesday, a move that’s expected to save taxpayers about $1.6 million over 20 years. City Council voted to approve an agreement with the Gainesville-Hall County Development Authority issuing revenue bonds that will, in effect, reduce Oakwood’s interest rate on some $11 million in debt to 1.73 percent from 4.18 percent. “That’s exactly what we should do with taxpayer money — save all the money we can,” Mayor Lamar Scroggs said.