News Flash Home
The original item was published from 4/30/2015 11:20:42 AM to 4/9/2016 12:05:03 AM.

News Flash

City of Savannah Marketing and Communications

Posted on: April 30, 2015

[ARCHIVED] City Council to consider bond refinancing that will save taxpayers $4.48 million

For Immediate Release
Date: April 30, 2015

The Savannah City Council today will consider once again taking advantage of the City’s upgraded bond rating to refinance a series of bonds, saving the City an estimated $4.48 million.

The action would be the fifth bond refinancing since Standard and Poor’s Rating Service upgraded the City’s bond rating to AA+ in October 2013 as a result of the City’s strong budgetary performance and fiscal strength. The AA+ rating is the second highest available, and is the strongest rating for Savannah in three decades.

The higher bond rating allows the City to access lower interest rates, which are currently at historic lows. City Council has already taken advantage of this high bond rating-low interest rate combination to refinance four other bonds, saving the City an estimated $3.624 million over their life. If approved today, City Council will have saved taxpayers an estimated $8.1 million since 2013 due to these timely refinancings.

City Council will consider the measure during the meeting at 2 p.m. today in City Hall.

In its 2013 report, Standard and Poor’s Rating Service upgraded Savannah’s bond rating based on the following factors:
• Adequate economy that serves as the retail, manufacturing, financial, and medical hub for coastal Georgia and neighboring South Carolina;
• Very strong budgetary flexibility and a strong fund balance, with projections indicating continued strong budgetary flexibility;
• Strong budgetary performance, with consistent general fund and total governmental funds financial results;
• Very strong liquidity providing very strong cash levels to cover both debt service and expenditures;
• Very strong management conditions with strong financial practices and policies;
• Very strong debt and contingent liability position, reflecting the city's low overall debt levels, rapid amortization, and manageable pension and postemployment obligations.

Facebook Twitter Email

Other News in City of Savannah Marketing and Communications

Municipal Archives Announces SCMP Residency Team

Posted on: February 21, 2024 | Last Modified on: April 5, 2022

City Officials to Sign Partnership Agreement With Accra, Ghana in Virtual Ceremony

Posted on: February 16, 2024 | Last Modified on: April 5, 2022

City of Savannah Welcomes Home Sgt. Moffett

Posted on: February 14, 2024 | Last Modified on: April 5, 2022

City to Host Ribbon Cutting for New Riverfront Tugboat Play Area

Posted on: February 9, 2024 | Last Modified on: April 5, 2022

Vice President Harris Pays Special Visit to Savannah

Posted on: February 7, 2024 | Last Modified on: April 5, 2022

City To Dedicate Evergreen Cemetery

Posted on: December 1, 2023

City To Unveil New Holiday Tree

Posted on: November 21, 2023

City Crews Respond To Minor Sewage Spill

Posted on: November 21, 2023

Veterans Day Parade Set For Saturday

Posted on: November 8, 2023

Registration Open For SCAC Fall Classes

Posted on: September 25, 2023

City To Designate Coach Ronald Booker Way

Posted on: September 25, 2023

City To Host Water Resources Career Fair

Posted on: September 13, 2023

Hurricane Idalia News Release #6

Posted on: August 31, 2023

Hurricane Idalia News Release #5

Posted on: August 30, 2023

Hurricane Idalia News Release #4

Posted on: August 30, 2023

Hurricane Idalia News Release #3

Posted on: August 29, 2023

Hurricane Idalia News Release #2

Posted on: August 29, 2023

Tropical Storm Idalia News Release #1

Posted on: August 28, 2023

City crews respond to sewage spill

Posted on: June 23, 2023

City acquires Evergreen Cemetery

Posted on: May 2, 2023

City crews respond to major spill

Posted on: April 13, 2023

City crews respond to minor sewage spill

Posted on: January 31, 2023

Traffic Impacts on Derenne Avenue

Posted on: January 3, 2023

City crews respond to minor sewage spill

Posted on: October 21, 2022

City crews respond to minor sewage spill

Posted on: October 12, 2022

City to kick off 2022 United Way campaign

Posted on: September 9, 2022