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ROBINSON, Texas – April 4, 2017 – On Monday, April 3rd, the City of Robinson took advantage of the current financial market and refinanced $5.8 million in general obligation bonds. The original bonds were issued with interest rates ranging from 3% all the way up to 4.25%. By refinancing, the City was able to capture a 2.262% average interest rate that will save the city $432,993 over the next 12 years. The cost savings ended up being almost $58,000 more than what was originally presented to City Council during the March monthly meeting.
City manager Craig Lemin stated, “Beginning in 2018 the annual savings for the city would average around $35,000 per year. When I was contacted by Specialized Public Finance Inc. and advised we had an opportunity to refund these bonds to lower the interest rate, and save money, I was immediately on board. Saving money is always an easy decision to make.”
The two original general obligation bonds were issued in 2007 and 2010 to cover the infrastructure needs of the city.