Sioux Falls, SD (KELO-AM) The City of Sioux Falls has saved the taxpayers $52,000 in interest by paying off early the last outstanding note on the Regional Sanitary Landfill.
The note was scheduled to mature in 2020, but the city used over $900,000 in available cash to pre-pay the note.
City Assistent Finance Director Tom Huber jokes that instead of a note-burning ceremony maybe they'll just bury the note in the landfill.
The Landfill is operated like a business, with user fees covering the cost of providing the service. User fees cover costs for daily operations, as well as the capital needed to make investments in equipment and infrastructure. Huber says that the early retirement of this debt will free up revenues to be reinvested into future capital improvements, which will benefit current and future customers.