The Town of Clayton hopes to saving over a half million dollars in taxpayer money by refinancing two loans.
The Town currently owns about $6.47 million on the two loans. The first was obtained in 2007 through First Citizens Bank to acquire park land. The second loan, in 2010, also through First Citizens, was used to construct the Law Enforcement Center.
In an attempt to save money, the town recently solicited bids from more than 50 banks and found a lower interest rate with Capitol Bank. The lower rate will save Clayton approximately $586,000 in interest over the life of the loans.