R.I. Infrastructure Bank Announces over $500,000 in Savings for Borrowers

R.I. Infrastructure Bank Announces over $500,000 in Savings for Borrowers

Jul 30 2019
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FOR IMMEDIATE RELEASE                                                       CONTACT: Graeme Ownjazayeri

July 29, 2019                                                                                                                 401.453.4430, 116

 

 

R.I. Infrastructure Bank Announces over $500,000 in Savings for Borrowers

 

PAWTUCKET, RI – Rhode Island Infrastructure Bank (Infrastructure Bank) announced $559,826 in saving for five borrowers at Pawtucket Water Authority on Friday, July 26th. The refinancing of Drinking Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers.

“The Infrastructure Bank is committed to proactively working with municipalities to leverage our programs to save money and reduce the cost of infrastructure investment,” said Jeffrey R. Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”

The five borrowers who benefited from this refinancing are:

 

  1. The City of Pawtucket received $329,048
  2. The City of Newport received $25,266
  3. The City of Woonsocket received $33,048
  4. Bristol County Water received $23,542
  5. Providence Water received $148,118

 

“The Infrastructure Bank’s refinancing of water debt has helped cities and towns save over a half million dollars,” said Rhode Island General Treasurer Seth Magaziner. “This money can now help create greater economic opportunity and put people to work protecting the vital resources that make Rhode Island a great place to live.”

In response to low interest rates, the Bank has sought to proactively manage its balance sheet as a way of delivering savings to borrowers. Over the last five years, the Bank has provided $25 million in savings to borrowers by refinancing existing debt at lower interest rates.

“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,” said Mayor Donald R. Grebien. “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.”

 

Event Photos

 

 

 

 

 

 

 

 

 

 

From left: R.I. General Treasurer Seth Magaziner; Jeffrey Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank; Jim DeCelles, General Manager, Pawtucket Water Authority;

William Masuck, Board Chair, Pawtucket Water Authority.

 

 

 

 

 

 

 

 

 

 

 

 

From left: Jeffrey Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank; Ricky Caruolo           , General Manager, Providence Water; R.I. General Treasurer Seth Magaziner; Xaykham Khamsyvoravong, Board Chair, Providence Water; Gregg Giasson, Deputy General Manager, Providence Water.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From left: Pamela Marchand, Executive Director, Bristol County Water Authority; Jeffrey Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank; R.I. General Treasurer Seth Magaziner

 

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 leverage capital in a revolving fund to 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 riib.org.