COLLINSVILLE — The City Council will vote Tuesday night to refinance the city's debbt.

The city seeks to borrow $16.5 million in general obligation refunding bonds to refinance existing debt.

"We are working to refinance the amount of debt we owe," said interim city manager Scott Williams. "As the rates go lower, we can get a better rate."

Williams estimated the city could save more than $100,000 with the refinancing.

The city also will vote to accept donated property on Main Street and to hold public hearings on the proposed business district for St. Louis Road.

The council meeting will take place on Tuesday instead of Monday due to the Memorial Day holiday. There is no strategic session; the regular meeting will begin at 7:30 p.m.