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City of Stamford Saves $3 Million on Bond Refinancing

Mayor David Martin said Stamford was able to refinance $22 million in general obligation bonds.
Mayor David Martin said Stamford was able to refinance $22 million in general obligation bonds. Photo Credit: File

STAMFORD, Conn. --  The City of Stamford has successfully refinanced approximately $22 million of general obligation bonds that were originally issued in 2008.

The refinancing will yield a budgetary savings of just over $3 million, the bulk of which will offset budgetary expenses over the next twelve fiscal years.

“This successful bond refunding is confirmation to our private and corporate citizens that Stamford is in strong financial health,” Mayor David Martin said in a statement. “As we continue to invest in critical infrastructure projects, it is important to keep our borrowing costs as low as possible. Stamford’s AAA rating from Standard & Poor’s provides investors with the highest degree of security.”

The new bonds were sold with a true interest cost of 2.15 percent and replace bonds on which the City was paying an average interest rate of 4.08 percent.

The savings were achieved without extending the final maturity of the original bonds.

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