Monticello City Council may look at refinancing some or all of its debt with funds that is currently on a certificate of deposit (CD). Council members looked at a proposal of several scenarios of a refinance structure during a meeting a week ago Monday evening.

No decisions were made, but City Clerk-Treasurer Greg Latham pointed out that by reducing debt owed on purchases like the new aerial fire truck, police vehicles and the police station annex property with the city’s own money, they would increase interest earned on the CD by about $100,000 over a 10-year period.

The city currently has a $500,000 certificate of deposit, set aside when the sale of the Monticello Electric Plant Board was finalized, that is earning only about a half percent interest, according to Latham.

The money would be paid back each month into the fund, which would mean significantly more interest over the current $2,400 it is earning annually.

Mayor Jeffrey Edwards noted that this is an option for the council to consider. They can decide whether to refinance all of the debt or just select some projects, where savings would be more significant.

He advised council members to take the numbers and look at them before opting to make any decisions.