Highland Heights Saves Almost $600,000 by Refinancing Debt

Mayor Scott Coleman said city bonds sold at a recent offering will save the city $596,000 in debt interest.

"We were able to hit the market at the right time," added Finance Director Anthony Ianiro at Tuesday's City Council meeting.

Ianiro said the debt is from various projects done in the late 1990s. The $5.1 million total was over separate bond issues with rates of 4 percent and 5.5 percent. Over the 12 years remaining on the bonds, the new 2.5 percent rate will save about $596,000, he said.

City officials had expected to save about $500,000, but bond counsel Stifel, Nicolaus and Co. was able to choose the right time to sell.

"They have a feeling for the market and picked a good time," Ianiro said.