City of Wichita Department of Finance officials announced today that the City will capture savings of more than $7.1 million in interest costs from 2015 through 2031, by refinancing outstanding general obligation bonds and Water and Sewer Utility revenue bonds.
The City started a debt refinancing program in 2009 at the direction of the City Council. The program has captured savings of $39.4 million. This marks the 15th time the City has refinanced during this time period. Savings of $16.3 million pertain to Water and Sewer Utility revenue bonds and savings of $23 million pertain to general obligation bonds.
“These pro-active refinancing steps continue to result in substantial savings for Wichita residents,” City Manager Robert Layton said.
The refinancing program has been successful through staff actively monitoring outstanding debt, achieving favorable interest rates and fiscal responsibility aimed at maintaining a high-credit worthiness status.