Refinancing outstanding debt over the past three months has yielded the city of Wichita almost $16.2 million in interest savings, city officials said Tuesday in a news release.
In a program that began in August with the refinancing of 10 outstanding general obligation bond issues, city officials have launched three refinancing initiatives, City Manager Robert Layton said.
“These pro-active refinancing steps have resulted in substantial savings over time for Wichita residents,” Layton said. “The council has directed staff to be sound stewards over public funds. These substantial refinancing savings reflect those policymaking goals. Now we can use the savings to reduce debt.”
The August refinancing saved the city nearly $5.6 million, money creating additional capacity within the city’s capital improvement program.
The city refinanced two series of outstanding general obligation sales tax bonds in September, yielding another $1.3 million in savings. That money will create additional capacity within the sales tax-funded portion of the capital improvement program, city officials said.
And earlier this month, city officials refinanced $105.3 million in water and sewer refunding revenue bonds, saving more than $9.3 million.