City to pay back portion of bond

The Berkeley Lake City Council voted unanimously Thursday to approve a resolution allowing the city to make a partial pre-payment of the city’s 2012 series bond. The amount of principal being retired is $585,000 with a one percent pre-payment premium. The city’s net cost savings after the premium is $38,602.75.

The 2012 series bond was used to finance the city’s Lake Berkeley Dam repairs prior to partial reimbursement by FEMA. Historic rainfall and flooding in 2009 had damaged the dam resulting in the need for extensive repairs.