Published: 24 July 2012 06:21 PM

Riverside will save about $300,000 per year, for a projected total of $2.3 million, by borrowing money to repay older debt, officials said.

The City Council voted Tuesday, July 24, to issue up to $48 million in bonds that will pay off debt issued in 2003. The new bonds will be at a better interest rate, saving about 5.27 percent when compared with the existing debt, according to a staff report.

The payoff of the old debt also removes five city facilities – the corporation yard, airport fire station and three parking garages – from the list of those used as collateral for the debt. City Hall and the Lincoln Avenue police station remain as collateral.