The savings to the City of Falls Church of a refinancing of two bond issuances will be $246,000 over the 12-year term of the two bonds, the F.C. City Hall clarified today.

(An earlier report in the News-Press indicating the savings at $3.15 million was in error). Falls Church plans to re-finance two bond issuances: 1) a $3.25 million bond issued in 2006 for water system improvements; and 2) a $1.5 million bond issued in 2008 for property acquisition. The refinancing will also reduced the outstanding principle amount for the $1.5 million bond. Together, the savings from the two refinancings will save the City Water Fund and General Fund $246,000 over the next 12 years. These bond resolutions are scheduled for F.C. City Council review at its Nov. 28 meeting.