The Daily News Record: Local News

News - Local

Bond Sale Could Net City $3.2M In Savings

Posted July 31, 2010 12:00 AM EDT

By Jeff Mellott

HARRISONBURG - Harrisonburg stands to save nearly $3.2 million over the long term when it closes on a bond sale next month designed to refinance old debt and provide financing for a road project, city officials said this week. On Aug. 11, city officials expect to close the sale of nearly $41.6 million in bonds at the reduced borrowing rate of about 3 percent. Of the total, the city is refinancing nearly $32.5 million in outstanding debt and will use about $9.1...

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