February 19, 2007 Contact: Sue Baker
For Immediate Release 738-2000
Refinancing of bonds to save city $500K, Avedisian said
WARWICK – Mayor Scott Avedisian said today that he has authorized Finance Director Ernest Zmyslinski to refinance current bonded debt at a rate that is expected to save the city an additional $500,000 in FY08.
The city will issue general obligation refunding bonds in order to take advantage of the lower interest rates that are currently prevailing, Avedisian said.
The bonds that the city plans to retire were dated 1993, 1996, 1997, 1998 and possibly 2001 and 2002.