NEW ROCHELLE – The City of New Rochelle has taken advantage of continued low market interest rates and sold approximately $4.5 million in general obligation refunding bonds to replace higher-interest bonds issued in 2005 and 2007.
Over the next 13 years, the refinancing will save the city $260,000 for an average savings to taxpayers of about $20,000 per year.
“The sale of the refunding bonds at very favorable interest rates attests to the strength of the city’s credit worthiness,” said City Manager Charles Strome, III.
