Infrastructure Bank Bond Refinancing Saves Rhode Island Taxpayers $2.9 Million

Infrastructure Bank Bond Refinancing Saves Rhode Island Taxpayers $2.9 Million

Aug 24 2017
Ryan

PROVIDENCE, RI – Jeffrey R. Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank, today announced that it recently refinanced two Infrastructure Bank bonds that will save eight communities and the Narragansett Bay Commission (which itself serves 10 communities in whole or part) $2.9 million in future debt service. This successful refinancing represents a continuation of the Infrastructure Bank’s strategic effort to take advantage of low interest rates and provide financial savings to its borrowers and, by extension, Rhode Island taxpayers.

 

Within the past two years, the Infrastructure Bank has provided more than $24 million in savings to its customers through refinancing of legacy debt. Most recently, in March the Infrastructure Bank announced that it had completed a similar refinancing that yielded $5.9 million in savings to four borrowers.

 

“This refinancing produces significant cost savings for our borrowers and supports our continuing efforts to minimize the cost of infrastructure investment throughout Rhode Island,” said Diehl, adding that “by refinancing existing debt at lower interest rates, we can provide our customers with savings that can be used to support other local initiatives.”

 

“A sound debt management strategy is one of the tools we rely on to improve and protect the water quality in Narragansett Bay and the urban rivers,” said Raymond Marshall, Executive Director of Narragansett Bay Commission. “On behalf of the Narragansett Bay Commission’s ratepayers, we’re gratified that the Infrastructure Bank is taking proactive steps to reduce our debt burden so we can continue to do the important job of making our waters safe for future generations.”

 

The savings for each of the communities and Narragansett Bay Commission were as follows:

 

Barrington......................................... $96,000

Bristol............................................. $168,000

Burrillville........................................ $22,000

Cranston............................................ $21,000

East Greenwich................................. $59,000

East Providence................................... $947,000

Newport............................................... $192,000

Warren................................................... $57,000

Narragansett Bay Commission........ $1,289,000

 

About Rhode Island Infrastructure Bank

Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.

 

CONTACT:

Ryan Mulcahey , 401.453.4430, ext. 126