Wilmington City Council has approved a move proposed by Mayor James Baker to refinance $38 million in General Obligation bonds, saving the city about $2.5 million.

 That savings is significant considering the financial troubles the city is facing.  Mayor-elect Dennis Williams says the city will likely be facing a $5.5 million deficit when he takes office in January.

The refinancing plan will now go to the city's Bond Committee for approval.  If the committee signs off on the re-fi, the city will be evaluated by Standard and Poor's, Moody's, and Fitch rating agencies.  A tentative closing date for the bond issuance is set for January 15.

City Treasurer Henry Supinski has been monitoring interest rates for the past year, "Now appears to be the most opportune time for the city to achieve the maximum amount of savings from this type of refinancing."