The city of Wadsworth has announced that they have saved $1.2 million by refinancing debt while interest rates are at an all-time low.
The bonds were originally issued by the city of Wadsworth back in 2010 and funded the construction of the Wadsworth Community Center which opened back in 2013. The bonds totaled $17.6 million.
The lower interest rates are the result of a favorable bond market and Wadsworth’s very strong credit rating.
Standard and Poor’s Global Ratings recently confirmed Wadsworth’s Income Tax credit rating by assigning a “AA+” rating with a “stable” outlook to the bonds. The “AA+” rating is the second highest rating possible.
Wadsworth Mayor Robin Laubaugh said “We are ecstatic with the results of the bond sale and the efforts of our financing team”. Wadsworth City Auditor Catherine Fix said “the city’s strong rating and our timing in the bond market created more savings than we originally estimated”.
Local news matters.
Wadsworth Community Radio 97.1 FM is a nonprofit, community-powered radio station sharing the stories, voices and updates that keep Wadsworth connected.
A gift of just $5 helps keep local coverage on the air and supports the work we do every day for this community.
Support Wadsworth Community Radio
Follow us on Facebook for more local stories, updates and community coverage: Wadsworth Community Radio on Facebook
