The Utility Advisory Board voted to restructure GRU debt

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GAINESVILLE, Fla. (WCJB)-- The city of Gainesville is a big step closer to expanding its GRU debt to provide short-term relief.

The utility advisory board voted 5-2 Thursday night to issue up to 70 million dollars in new long-term bonds.

This would pay off shorter-term bonds, saving money through the year 2023. But the city would pay more in debt service for the next 23 years after that.

The short term savings would support GRU's rate stabilization fund, designed to ease the cost of purchasing the biomass plant in 2017.

The city commission must now approve the deal.