Bangor - Bangor's finance committee met Tuesday evening, with some interesting news for the city.

"This is very exciting today, because we've learned that the sale of bonds for the new arena, we're spending 56 million dollars, the citizens of Bangor, we had an incredible response from the bond market, 3.25%. Very, very low. It's as low as your gonna see," said Bangor City Councilor Geoffery Gratwick.

This is information that the city of Bangor should be happy to hear.

"The city of Bangor is going to be spending 800,000 less per year for the debt service," said Gratwick.

It means a considerable amount of savings over the next 30 years.

"We would spend 3.7 million per year and now it's down to just below 3 million. So, with the expert assistance of our finance director, Debbie Cyr, we're going to save in the order of $750,000 per year. So, huge savings, that's over $24 million during the course of the bond," said Bangor City Councilor Joe Baldacci.

It all came down to timing.

"Well, it's just because this was a very good time for selling bonds. I think we have a wonderful city staff. They did a good job of making these bonds work well," said Gratwick.

With the city saving this amount, councilors say this will allow funds to be easily directed to other projects.

"So, by saving that money, it's like we're not having to pay for our infrastructure improvements of the roads. That's a huge, huge specific point," said Bangor City Councilor James Gallant.

City councilors think that this means good things for Bangor's future.

"Bangor is on the move. The downtown arena is growing, the Waterfront Concert Series, the American Folk Festival, KahBang, and other things with the arena, the new hotel, the casino. Everything is moving in the right direction," said Bangor City Councilor Nelson Durgin.

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