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.