Newport plans to refinance library bonds

NEWPORT BEACH — To save $520,000 in interest payments, the City Council voted Tuesday night to refinance its 1998 Central Library construction bonds.

It plans to combine the outstanding balance, $3.9 million, with the upcoming bonds for the Civic Center.

This “piggybacking,” the city says, would allow it to lower the interest rate from 5.15% to 2.1%.

—Mike Reicher