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The original item was published from 7/31/2017 7:13:59 PM to 9/1/2017 12:05:00 AM.

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City of Hot Springs News Releases

Posted on: July 31, 2017

[ARCHIVED] Wastewater bond refinancing saves city $2.2 million

The city’s financial advisor, Crews & Associates, announced today that a successful refinancing of the city’s Wastewater Revenue Bonds, Series 2009 has resulted in a net savings for the city in excess of $2.2 million.

The net savings represents a more than $150,000 annual reduction in principal and interest, with a Present Value Benefit of 7.345%, or $1.852 million. Refinancing costs include an estimated $8,000 for ordinance publication, plus the costs for the city’s CPA firm to verify the coverage. The bond funds have been financing wastewater system improvements since 2009.

"I commend our Board of Directors and city staff for identifying this opportunity to proactively save money and resources," said City Manager David Frasher. "We will continue to look for ways to maximize the value ratepayers receive."

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