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The issue raised money for schools, bridges, drainage and Elmwood Park, among other things.
Wednesday, February 27, 2013
The check is in from Roanoke's latest bond sale, a $39.8 million financing that saves money by refinancing some old debt and that also will fund projects ranging from work on schools to Elmwood Park.
Low interest rates mean the just-completed refinancing will save $270,000 in interest and principal payments over the next five months, and $924,000 during the fiscal year that starts July 30, Finance Director Ann Shawver said.
The savings will range between $124,000 and $343,000 a year from fiscal year 2015 to fiscal year 2026, she said.
About 40 percent of the savings will benefit the city school system. About 6 percent will go to the Western Virginia Water Authority because some of the refinanced debt paid for its facilities.
But in addition to refinancing roughly $30 million in old borrowing, the bond sale also raised new money.
Those funds include:
More than 140 investors ordered the bonds, asking for three times as many as were for sale.
Although Roanoke bonds usually pay interest at a rate 0.25 of a percentage point above triple-A rated bonds, the most credit-worthy grade, demand was so strong that the latest bonds will pay only 0.14 point more.
"It seems that everybody feels good about Roanoke. It's a good name," Shawver said.
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