Politics & Government
Stamford Saves Big on Bond Refinancing
The city effectively went from 4.08 percent interest to 2.15 percent, which means millions of dollars will be saved.
STAMFORD, CT- City officials announced that more than $3 million was saved after bonds were refinanced.
About $22 million in general obligation bonds that were issued in 2008 were refinanced. The bulk of the savings will offset budgetary expenses over the next 12 fiscal years.
“This successful bond refunding is confirmation to our private and corporate citizens that Stamford is in strong financial health,” said Mayor David Martin. “As we continue to invest in critical infrastructure projects, it is important to keep our borrowing costs as low as possible. Stamford’s AAA rating from Standard & Poor’s provides investors with the highest degree of security.”
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The average interest rate before refinancing was 4.08 percent and the new true interest cost is 2.15 percent.
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