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.