New Rochelle has saved about $5.1 million over the next 12 years by refinancing debt it had incurred earlier, the city announced.
The city took advantage of “historically low market interest rates” by selling $29 million in bonds to replace higher-interest loans made in 2004 and 2005, according to a release.
The annual savings to taxpayers: $425,000.
“In these challenging economic times, the refinancing enables us to reduce our budgetary expenses without impacting the services provided to our constituents,” Mayor Noam Bramson said. “The sale of the refunding bonds at very favorable interest rates attests to the strength of the city’s credit worthiness.”
The city is scheduled to close on these bonds on April 10th.