Shreveport saves $11.4 million by refinancing water and sewer bonds

On Tuesday, the City of Shreveport refinanced $168 million in water and sewer debt.

According to a news release from Mayor Tom Arceneaux's office, the refunding bonds, which refinanced water and sewer bonds first issued in 2014 and 2015, were issued to take advantage of better interest rates without changing the overall terms of the bonds.

"This is a win for Shreveport," Arceneaux said. "The City will save more than $76,000 per year over the next fifteen years as a result of today's refunding, for a total of more than $11.4 million. We continue to look for every opportunity to save money and make future rate increases smaller while giving us more money to put into improving our water and sewer facilities. The planned timing of the sale was excellent, as the City sold its bonds on a day when interest rates were at one of the lowest points this year. Our bond team did an excellent job!"

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This article originally appeared on Shreveport Times: Shreveport refinances water, sewer bonds, cutting costs by $11.4M