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City council authorizes staff to pursue sewer bond refinance; officials project roughly $1 million annual savings
Summary
Lake Havasu City leaders said they authorized city staff to refinance callable sewer bonds if market rates meet a staff-determined threshold; officials said a $5.2 million covenant balance will be applied to principal and refinancing could save about $1 million a year without extending the loan term.
Lake Havasu City Mayor Cal Sheehy said on March 7 that the City Council authorized City Manager Jess Knudson and staff to pursue refinancing of callable portions of the city’s sewer bonds, subject to specified market thresholds.
Sheehy said the bonds were last refinanced in February 2015 and became callable after 10 years. Council authorization allows staff to move forward if interest rates fall below a predetermined level that the city set as a trigger for refinancing. The city did not extend the loan term, Sheehy said; the refinance…
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