From the Lafayette Journal and Courier:
On paper, the city of Lafayette will save $8.3 million in interest in the coming years.
The financial gain is the result of Lafayette’s move to cash in on historically low interest rates and refinance 11 bond issues.
Sold between 1996 and 2006, the bonds were used to finance construction of sewers, roads and park facilities such as Tropicanoe Cove.
The refinancings eliminated $6 million in interest on water pollution control projects; nearly $1.9 million in interest on road andinfrastructure improvements; and about $415,000 in interest on parks projects.
But Mayor Tony Roswarski does not view the savings as a license to spend.
“The refunding of those parks bonds doesn’t give us any money,” Roswarski said recently. “That puts money back in the pockets of taxpayers.
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http://www.jconline.com/apps/pbcs.dll/article?AID=2013307140022
