(ROCKWALL, TX – Feb. 16, 2016) The City of Rockwall has recently refinanced several bond packages, which amounts to nearly $10 million in taxpayer savings. The debts that have been re-funded are from bonds issued in 2005, 2006 and 2008-all years when interest rates were much higher.
It is important to note that the City did not extend the term for any of the bonds; they will still be paid off as originally scheduled. The difference now is the vast savings in interest over the life of the bonds.
There was a total of $78 million in bonds that have been refinanced, at a decreased interest rate of 2.48 percent, down from an original rate of about 5 percent. That translates to an overall savings of 12.9 percent in interest costs, which adds up to $9.7 million in interest savings over the remaining life of the bonds.
Among the improvements included in those bond packages was the construction of John King Boulevard, which the City ultimately hopes to use to re-route State Highway 205 traffic away from Downtown Rockwall. In addition to the refinancing project, the City of Rockwall issued $5.6 million in new bonds for upcoming water and sewer projects.
Submitted by Lauri Dodd, Public Information Officer / Marketing, City of Rockwall.
The Blue Ribbon News print edition is delivered free to more than 18,000 homes throughout Rockwall and Heath.
To share your good news and events, email editor@BlueRibbonNews.com.
For advertising inquiries both online and in print, call 214-342-8000 or email advertising@BlueRibbonNews.com.
Download the FREE Official Rockwall Area App for Apple iPhone or Android.
Also find us on Facebook, Twitter and Instagram.
Thank you for making us the area’s #1 source for positive hometown news, entertainment and events.
City of Rockwall refinances outstanding bonds, saves taxpayers millions added by Editor on
View all posts by Editor →