Wheeling bond refinancing to save $3.35 million

Wheeling village trustees Monday approved the refinancing of bonds originally sold in 2005 for the construction of the Westin Hotel at 601 N. Milwaukee Ave.

The interest rate for the series 2016 general obligation refunding bonds that were sold Monday morning is 1.13 percent, down from the original bonds' 6 percent interest rate.

The move will save $3.35 million, officials say, and the last bond payment is expected to be made in December 2022.