City refinances debt to save $766,000, improve its bond rating
March 10, 2021
The city was recently able to save hundreds of thousands of dollars after securing a favorable interest rate on its water and wastewater debt.
“We took our water and wastewater debt, and went out to a firm out of Portland, DA Davidson & Co. and all of that debt had interest rates that were 3% or above,” said Brandon Neish, city finance director. “And with the bond market where it was, we thought we could get a better rate for these items.”
City staff went through a very long and paper-intensive process, and were able to finish with an interest rate averaging 1.38% for three of their...