The city council unanimously approved a five percent utility rate increase during Monday’s city council meeting. This rate increase is the first step in restructuring city bonds. Because rates are considerably lower, the city will save over $1 million with this restructuring.

“The interest rates are real good right now,” Councilmember Bill Godwin said.  “If we can get this done before the interest rates go up, the city is in a position to recoup about $1.1 million.”