Butler City Council voted Thursday to approve the first reading of an ordinance to refinance its $1.88 million loan from the Butler County Infrastructure Bank to save $82,500.

Council members unanimously voted in favor of the first reading of the ordinance to refinance the $1,885,000 loan that was borrowed in January 2019 for the Main Street streetscape and Sullivan Run flood control projects.

Anthony Ditka, of the Dinsmore law firm, told council that the county commissioners are planning to refinance the bank loan it borrowed to fund the infrastructure bank to get a lower interest rate, and wants to pass the savings along to the city and Cranberry Township, which also borrowed from the infrastructure bank.

The current interest rate is 1.97%, but interest rates fell during the COVID-19 pandemic and the loan can be refinanced at .56%, he said.

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