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 dadolph@sugarlandtx.gov.