SHARECOMMENTMORE

By Katie Felts NewsChannel 5 Sports

ST. LOUIS (KSDK) - We all like saving some money when we can, and the organization that runs the Edward Jones Dome is saying that's exactly what they want to do.

The Convention and Sports Complex Authority is trying to help the state and county by refinancing their portion of the bonds.

This is a move that could save millions, at least for right now.

The St. Louis Convention and Sports Complex Authority met Thursday and voted yes to refinance the state and county's portion of the bonds. The city has refinanced bonds twice in the past. This is the third time for the county and state since the Dome was built.

The last time the county and state did this was in 2003, and it saved the state almost $9.5 million and the county just over $5 million.

NewsChannel 5 spoke with a financial advisor and he says the refinancing of bonds is no different than you or I refinancing our homes at a better interest rate to save money, but it does prolong paying off the debt for the cost of the Dome.

The bonds should be available by July 30. The savings that the county and state receive won't go back to the Sports Authority. Instead, it goes into next year's budget and both the county and state can spend the money how they see fit.