Alexandria Refinances General Obligation Bonds Saving $10.6 million
“Periodically, the City’s outstanding debt is reviewed by our Finance Department and outside financial advisors to ensure we are minimizing our borrowing costs for City government and school capital projects by taking advantage of ongoing low interest rates in the bond market,” said City Manager Mark B. Jinks. “This significant savings will help reduce pressure on the City’s budget in the coming years by lowering projected debt service costs.”
The refinancing will save City taxpayers approximately $10.6 million over the life of the bonds, including $1.5 million in both fiscal years 2019 and 2020.