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.”
