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Norwich to save money on refunding bonds

Published January 31. 2014 11:52AM   Updated January 31. 2014 11:55AM

Norwich – The city expects to save $382,000 after receiving an interest rate of 0.8 percent in refunding $5.8 million in debt, city Comptroller Josh Pothier announced Thursday.

The city went out to bid on refunding the bonds after receiving a bond rating upgrade from Standard & Poor’s rating service.

The city also received an interest rate of 3 percent on $12.4 million in new capital projects’ bonds sold on Wednesday.

“The low interest cost we realized reflects both good market timing and the impact of our recent rating upgrade to AA by Standard & Poor’s,” Pothier said.

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