WEST FARGO —Some taxpayers will not have to make a special assessment payment for as long as they thought after West Fargo Commissioners agreed to refinance a number of its bonds while refinance rates are so low.
Finance Director Jim Larson said by refinancing its improvement bonds, the city will save about $1.8 million.
"That savings is passed directly back to the assessments or the homeowners," Larson said.
Larson said the savings will be passed directly to residents. While homeowners won't see it upfront as in money off their monthly payment, it will take time off special assessments. For example, many special assessments are paid by homeowners over the course of 25 years. Since the city will save money with the bond sale, those assessments can be paid off in 22 years instead.
"The success of this is due to all of West Fargo, there is no doubt about it," Mayor Bernie Dardis said.
Dardis said the city of West Fargo is one of the only cities in the state that makes sure assessments are refunded in this way when the city is able to save money.
"The taxpayers are not charged a penny more than they need to be," Dardis said.