FORT SMITH, Ark. (KFTA) -- Fort Smith administrators successfully sold nearly $150 million dollars in bonds leading to significant savings and improvements to the infrastructure of the city.
These improvements will save people more than $9.8 million.
Officials say a number of factors led to the sale, including the city's recent upgraded bond rating.. The care it took in building relationships with the right investors and the communities commitment to competitive partnerships.
A press release by the city shows over $81 million in new money will pay for water and sewer projects.
This will improve the city's ability to handle, treat and discharge waste water.
Also, more than $68 million dollars will be used to refund 2008 series utility bonds.
It's a process similar to refinancing an old mortgage.
Administrators with the city are positive about the impact this sale will have.
City Director Mike Lorenz called it great news in an email.
Jennifer Walker, the director of finance for the city, echoed the praise.
"We took a chance and used a different approach to issuing bonds this year," Walker said in a statement. "New partners, along with our continued relationships, new strategies and welcoming market conditions led to a very successful bond issue."
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