October 23, 2020
The Buffalo Municipal Water Authority went to the bond market to borrow $21.4 million to refinance debt originally issued in 2010 and to provide additional funding for various capital improvements to the Buffalo Water System, receiving an interest rate of 2.47%.
The refunding of the 2010 bonds lowered the interest rates resulting in present value savings of over $4 million. “This was a terrific result for the water authority 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.