SALEM — The city will save more than $250,000 through bond refinancing after Standard and Poor’s upgraded its credit rating to AA earlier this week, Mayor Kim Driscoll’s office said yesterday.
The $251,915 in savings will come over the 20-year life of a $13.4 million bond, which will be used to fund renovations at Collins Middle School and Saltonstall Elementary School, a new Fire Department ladder truck and various other projects.
“I am pleased the city was able to move quickly to realize savings for our taxpayers following the recent bond rating upgrade,” Driscoll said. “By saving over a quarter-million dollars, we are already seeing the benefits from this enhanced bond rating.”
Neil Dempsey can be reached at firstname.lastname@example.org.