Carmel's refinancing bonds sold today at 3.24 percent, a low interest rate that city officials say will save the city's redevelopment commission an estimated $75 million over the life of the repayment.
The refinancing saves the Carmel Redevelopment Commission from having to deal with a debt load that it did not have enough income to cover in 2013.
In a press release, the city said the successful bond sale is further evidence Carmel is a solid investment.
Today's sale included $69.245 million in taxable bonds and $115.9 million in tax exempt bonds sold today for a total of $185 million.
The refinance bond package, city officials say, will be paid by non-residential taxpayers even thought Carmel agreed to provide a general property tax back-up in order to obtain a lower interest rate.
The money will come from TIF generated revenues from current and future businesses that do business within the TIF district.
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