The Infrastructure Bank invited borrowers to celebrate $559,826 of debt-service savings from the refinancing of existing Drinking Water State Revolving Fund bonds recently. This transaction is part of the Bank’s strategic efforts to capitalize on the low-interest-rate environment, refinance existing debt and pass on those savings to customers and taxpayers.
Over the last five years, the Bank has provided over $25 million in additional savings for borrowers by proactively refinancing debt at lower interest rates. These savings allow borrowers to make additional investments in critical community assets.
According to Pawtucket Mayor Donald R. Grebien, “The City of Pawtucket has made record investments in our local infrastructure, due in part to the innovative, low-cost borrowing programs available through the Infrastructure Bank. The City, and its entities like Pawtucket Water, will continue to seek savings and efficiencies to ensure that our taxpayers are getting the best bang for their buck.”
The five borrowers who benefited from this refinancing are:
The City of Pawtucket: $329,048
The City of Newport: $25,266
The City of Woonsocket: $33,048
Bristol County Water: $23,542
Providence Water: $148,118