City Refinances Debt Saves Millions of Dollars

The financial news is good for the City of Southlake. The most recent bond re-financing will save the City more than $3.3 million in debt payments. The refinanced debt is the outstanding 2005 SPDC and GO Refunding Bonds. The Southlake City Council is expected to approve the refinancing at the May 6, 2014 City Council meeting.

“The City was able to save millions of dollars by using our AAA bond rating from Fitch and Standard &  Poors,” said Chief Financial Officer Sharen Jackson. “It is to the City’s advantage to use this rating to receive a lower interest rate on the re-financing.”

2014 Bond Sale
The City also received good news about its latest bond sale. Funding for road, water and sewer improvements will be borrowed at a 2.6% interest rate. Robert W. Baird is the provider for the Series 2014 Certificates of Obligation.

The monies will be put to work on many Southlake projects including: the Southlake portion of the FM 1938 widening project, the North Kimball widening project and the White Chapel Boulevard improvements.

More information about the FY 2014 budget, the City’s debt service funds and the CIP Projects can be found at CityofSouthlake.com/FY2014.