Regional Utility District Claims $2.1 Million From Bond Refinancings
Thursday Mar 13, 2014 9:37am
By: Jim Measel
(LAGRANGE) - The LaGrange County Regional Utility District claims they will save over $2.1 million through the re-financing of about $10.1 million of outstanding Sewage Works Revenue Bonds. According to a news release issued by the District, the savings will take place over 23 years. It will result in an annual reduction in debt service payments of about $212,000 for the first year and about $88,000 for the remaining 22 years the bonds will be outstanding. Umbaugh and Associates helped with the refinancing of the bonds. Jeff Rowe from Umbaugh said the savings from the bond refunding exceeded their expectations. District Board of Trustees President Ron Kantorak says this will strengthen the district's ability to maintain the health of their systems at the lowest possible cost to their customers.