SUWANEE — The Suwanee city council approved the refinancing of the city's open space bonds at their meeting Tuesday evening, a measure that will save the city $3 million.
"We got an extremely strong, favorable rate of 1.96 percent," said Marty Allen, city manager.
The debt was originally approximately $17 million with JP Morgan, and is now $14 million.
"It will reduce the number of years we're outstanding from 16 all the way down to 10," said Allen.
Suwanee has a AAA bond rating, which allowed it to refinance to the lower rate; it was originally 4.3 percent.
The city also refinanced revenue bonds from 2006 last fall (also through JP Morgan), reducing the debt by approximately $180,000.
“This allows us the opportunity to save the taxpayers millions of dollars by getting out-of-debt sooner,” said Suwanee Mayor Jimmy Burnette in a news release.
http://accesswdun.com/article/2016/5/403488/suwanee-refinances-bonds-saves-3-million