City sells General Obligation bonds

Written by Phil Cerroni

The City Council approved $22,350,000 in General Obligation Refunding Bonds and $40,035,000 in Water/Sewer System Refunding Bonds on July 26. The General Obligation Bonds, which will be used to finance streets, libraries, radio equipment and economic development, sold at an interest rate of 2.27 percent. The Water and Sewer Bonds, which will be used to make improvements and extensions to the system, sold at an interest rate of 2.07 percent. These rates produced a total savings on the General Obligation debt of $590,207 and $4,493,503 on the Water/Sewer System debt.

Source: City of Irving