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City of Carlsbad refinances millions in outstanding loans

Debt free practices implemented nearly two years ago by the City of Carlsbad appeared on target, according to a city official.

Deputy City Administrator Wendy Austin said the City was proactive in managing debt.

“This includes paying off $21.1 million in debt, which saved taxpayers $2.8 million in interest and refinancing (another) $20.8 million in debt, which will save taxpayers $1.8 million in interest. Ultimately, the City is dedicated to being debt free,” she said.

More:City of Carlsbad projects $94M in revenue for new fiscal year

The City’s debt reduction efforts took another step Tuesday night as City Councilors approved a plan to pay off more than $8 million in six outstanding loans with help from Royal Bank of Canada (RBC) Financial Services.