The city of Battle Ground has paid off a general obligation bond used to fund the City Hall building at 109 S.W. First St.
The 20-year bond was first issued in 2003 at $4.07 million for purchase of the building and refinanced in 2010 for a lower interest rate, saving $188,000, according to a news release from the city. The city on Tuesday made a final $560,000 payment, saving another $32,375 in interest.
The city council on Oct. 19 unanimously voted to pay off the bond three years early using unreserved Real Estate Excise Tax funds.
Councilors are also considering paying off a parks bond of roughly $1.78 million on Dec. 1, 2021. The payoff, also using REET funds, would save $140,160 in interest.