East Providence Saves More Than $500K Through Infrastructure Bank

East Providence RI

14 February, 2020

5:58 PM

Description

EAST PROVIDENCE, RI — East Providence received more than $500,000 in savings o water and wastewater projects through using the Rhode Island Infrastructure Bank. The RIIB is able to obtain lower rates for projects with the bonds backed by revenues generated by the water and sewer enterprise funds. The refund of $503,326 included $309,493 on water and $193,833 on wastewater projects. "Every dollar counts," Mayor Bob DaSilva said. "These funds will go a long way in supporting future capital projects in our city." The RIIB announced the closing of a Clean Water State Revolving Fund and Drinking Water State Revolving Fund bond refinancing transaction in late December and began distributing the refunding amounts to municipalities in February. Refunding is when you refinance current bonds at a lower interest rate, saving money for the taxpayer. "The Infrastructure Bank is proud to provide these savings to our clients," said Jeffrey R. Diehl, Executive Director and CEO of RIIB. "By providing cash-savings up-front, our clients are able to redeploy capital towards a number of municipal initiatives like improving resiliency and protecting water quality."