City of Erie may reduce debt by $86.2 million over the next 19 years

Local News

The City of Erie may reduce some of its debt.

Erie City Council completed the first of two votes to transform city finances by approving the use of $79 million of the Erie Water Works lease funds to pay down the city’s debt.

It’ll reduce the city’s expenses for debt payments by $86.2 million over the next 19 years. This means the city save on average over $4.5 million in loan payments every year for the next 19 years.

The Water Authority has said publicly that there will be no increase in their rates as a result of this prepayment.

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