Rhode Island Infrastructure Bank (Infrastructure Bank) today announced total savings of $6.4 million from a recent refinancing of Clean Water and Safe Drinking Water State Revolving Fund bonds.

These savings will be returned to the Bank’s municipal and quasi-public clients, including:

Narragansett Bay Commission                    $2.6 million

City of Newport                                              $880,000

Providence Water                                          $620,000

City of Warwick                                              $615,000

City of Woonsocket                                       $599,000

Town of West Warwick                                $299,000

Town of Burrillville                                         $174,000

“We were able to take advantage of the current low interest rate environment and favorable bond market conditions to refinance outstanding bonds and significantly lower our costs, generating savings for our municipal and quasi-public clients, whose loans were originally funded with these bonds,” said Jeffrey R. Diehl, Executive Director and CEO of the Bank in a press release. “We are pleased to be returning these savings directly to 27 cities, towns, and quasi-public utilities across Rhode Island. Savings that can be reinvested in other clean or drinking water infrastructure projects.”

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Ryan Belmore is the Owner & Publisher of What's Up Newp, LLC. Belmore has led What's Up Newp since December 2012. Belmore also serves as the Sr. Editor - North America for Mountain News - publisher of OnTheSnow. In his spare time, Belmore serves as the Vice President for the Board of Directors at Fort Adams Trust and serves on the Board of Directors at Lucy's Hearth. Belmore is also a member and supporter of Local Independent Online News (LION) Publishers. Send questions, tips, and story ideas to Ryan@whatsupnewp.com.