City of Wichita Department of Finance officials announced today that the City will save $2.4 million due to a bond refinancing that was approved by the City Council today. The City refinanced Water & Sewer Utility bonds issued in 2008.
At the direction of the City Council in 2009, the City began a debt refinancing program. With the current refinancing, the program has saved the Water & Sewer Utilities more than $18.5 million in interest costs.
“I’m very proud of our City Finance staff, who have worked to aggressively identify opportunities to refinance debt and lower interest costs,” City Manager Robert Layton said.