Sugar Land bond refinancing to save city $2 million
The City of Sugar Land recently refinanced eight bond issues that will result in close to $2 million in savings and sustain the municipality's AAA bond rating.
The city issued $10 million in general obligation bonds to refund five existing bond issues, resulting in average annual savings of nearly $99,000 over the next 12 years. The average savings for the debt service fund will be $40,500 per year and the airport will benefit from the remaining savings.
The city also issued $9 million in water-and-sewer system revenue bonds to refinance the balance of three existing bond issues, with an average annual savings of $45,100 over the next 18 years, according to a press release.
For more information, call 281-275-2700, visit www.sugarlandtx.gov or email email@example.com.
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