Millions Of Dollars Saved In Twin Falls
Twin Falls, Idaho ( KMVT-TV / KTWT-TV ) Last May, nearly 70 percent of Twin Falls voters passed a 38 million dollar wastewater bond to make improvements to the treatment plant.
Well, on February 12th, the City sold the bonds and had 12 bidders, a record number for the State of Idaho.
Twin Falls did a competitive sale through the Idaho Bond Bank, resulting in the best interest rates.
That's according to City CFO, Lorie Race.
5 million dollars in interest costs will be saved, a rate payers won't have to pay over the lifetime of the 20 year debt.
"Also as a protection to the bond buyers, the State of Idaho can intercept our state shared revenues so if we don't pay our debt, then they can intercept that money and pay the bond payers, so it helps result in better interest rates to our rate payers," Race explains.
Also, by using the Idaho Bond Bank, the City was able to reduce the cost of the issuance... according to Race.
In other words, it cuts the costs down for the rate payers.