After months of debate, Carmel, Ind. last week refinanced $186 million of debt for a concert hall and theater. The city's total interest cost was 3.24% on the mix of taxable and tax-exempt bonds, with net present value savings of $55 million.
Standard & Poor's rated the bonds AA-plus. The Carmel Redevelopment Authority issued the debt. The city expects to pay debt service with revenue from the local tax increment financing district, but a pledge of the city's property taxes also backs the bonds.