City Council Gives Preliminary Approval To Bond Refinancing

The Pittsburgh City Council has preliminarily approved a refinancing of $77 million in bonds from 1998. The refinancing would result in a savings of $3 million. A final vote is set for Tuesday. If passed, the City Council must decide what to do with the savings. Possible options include continuing to pay down the city's debt, putting the money into the next budget, or to using it in the current budget for capital investments or infrastructure repair.