To take advantage of lower interest rates, the Safford City Council unanimously approved a resolution that allows the city’s finance director to refinance part of the city’s water and sewer revenue bond loans.

Ann Waite, director of financial services for the city, gave a presentation at the council’s meeting Monday night and spoke about the advantage of securing the lower interest rates with a loan through the Water Infrastructure Finance Authority of Arizona.

Mayor Ron Green said this was a common practice and not to think of refinancing as some sort of emergency. “Loans are kind of tricky sometimes, and these are probably some of the trickiest,” Green said.

The resolution allows Waite, with direction from the mayor and council, to seek out more advantageous loans to pay off previous loans. A loan agreement of $1.9 million with WIFA will pay off the rest of Safford’s previous $2.4-million loan and will have a better interest rate, according to Waite.

In other council news:

• The council agreed to instruct the city attorney to assist Susan Duros and those working on the Safford Theatre Project with the formation of a 501C-3 nonprofit corporation. According to Duros, the 501C-3 is a necessary step before having the theater listed on the National Historic Register and applying for grants to stabilize and restore it.

• The council agreed to a two-year contract with Burt Watkins to continue to manage the golf course and also to raise the course’s winter rates.

Starting Dec. 1, fees for nine holes of golf will increase from $11 to $12.50. Community Development Director Pete Stasiak said it had been more than five years since the fees were looked at, and the golf course staff recommended the change.