ECIDA and Buffalo Schools Receive Favorable Interest Rates for JSCB Bond Refunding

May 13, 2021

The Erie County Industrial Development Agency (ECIDA) and Buffalo School District (BSD) went to the bond market to borrow $109.5 million to refinance debt originally issued in 2011 for various capital improvement projects, receiving a net interest rate of 1.15%.

The refunding of the 2011 bonds lowered the interest rates resulting in present value savings of over $27 million. “This was a terrific result for the ECIDA and BSD and shows that the municipal bond market has confidence in the water authority’s finances and management,” said Comptroller Barbara Miller-Williams.

The authority’s strong ‘A+’ bond rating by S&P Global, as well as recently declining municipal bond rates, resulted in outstanding interest rates for the authority.