Refinancing bonds to save Ridgeland quarter million dollars

THE CITY OF RIDGELAND will save nearly a quarter of a million dollars over the next several years since city officials were recently able to refinance a 2004 bond issue.

Ridgeland taxpayers will save a total of $222,319.40 from the refinancing, or an average of $31,565 each year through 2019. The interest rate on the $6 million general obligation bond was reduced from 3.5 percent to 1.35 percent. And the maturity of the bonds was not extended.

“The new interest rate was much better than we had even anticipated,” said Mayor Gene McGee.