|Fiscal Discipline Results in Savings||Department: Administrative Services|
The City of Stockton was recently able to take advantage of favorable interest rates, saving taxpayers over $14 million and providing over $4 million for much-needed capital projects. This savings was accomplished through the refunding of over $44 million of land-secured debt. The average annual savings for taxpayers will be approximately $673,000 over the length of the financing.
The refunding transaction received an underlying “A-” rating from Standard and Poors along with an insured rating of “AA” and garnered interest from multiple institutional investors.
For additional information, please see Full News Release link below.