Three bond refinancing efforts since August have cut Wichita’s debt service by almost $16.2 million, city manager Robert Layton said last week.
Layton said the savings will be used to reduce outstanding debt.
“These proactive refinancing steps have resulted in substantial savings over time for Wichita residents,” Layton said. “The council has directed staff to be sound stewards over public funds. These substantial refinancing savings reflect those policymaking goals.”
The initial refunding in August, which covered 10 general obligation bond issues, provided $5.6 million to the city’s capital improvement program, Layton said.
The refinancing of $105.3 million of water and sewer revenue bonds saved more than $9.3 million.
An additional $1.3 million of savings came from a September refinancing of two GO issues.
Wichita’s GO debt is rated Aa1 by Moody’s Investors Service and AA-plus by Standard & Poor’s.