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Comptroller Barbara Miller-Williams went to the bond market this week to advance the sale of $22 million in bonds for the Buffalo Municipal Water Finance Authority (BMWFA). Miller-Williams indicated that the bonds will be resold to the public on Wednesday, October 21, 2020.
“Bearing in mind the uncertainty surrounding current market conditions, it is encouraging that investors have faith in the financial operations of the Buffalo Water Authority. The sale of the bonds will allow Buffalo Water Authority to maintain safe waterways and mitigate inefficiencies,” said Miller-Williams. “We also refinanced $17 million in Series 2010-A bonds at a lower interest rate, saving $4.3 million in interest costs over a five-year period.”
The BMWFA will utilize the capital improvement funding to cover the costs of new investments in nearly every part of the city’s water system, including pumping stations, filtration plants, water mains, and service lines. Areas where construction is scheduled to take place in various locations throughout the City of Buffalo.
“I applaud the public and private sector collaborative efforts that solidified the success of this bond sale,” said Miller-Williams. “We will continue to work efficiently to ensure that our waterways and systems remain safe for Buffalo Water Authority consumers.”