Bond Refinancing Saves Richmond $1.47 Million

During the July 13th, 2021 council meeting, the Richmond City Council approved refinancing of the 2013 Revenue Bonds that contributed $1.176M of savings to the City of Richmond’s Wastewater Fund over the remaining 21 years. Prior council action in May 2021 approved the refinancing of 2013 Certificates of Participation, which will capture $294,000 of taxpayer savings in the Municipal Complex Fund. As a result, Richmond will lower its interest costs by over $1.47 million.

The refunding comes on the heels of a financial rating review wherein Standard & Poor’s affirmed the City’s GO (General Obligation) bond rating at AA- and the COPs rating at A+. S&P cited strong management with good financial policies and practices, strong budgetary performance, and very strong liquidity.