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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...



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