City bond sale generates record $245 million for capital improvements

The City of Jacksonville recently sold $245 million worth of municipal bonds at an average interest rate of 2.22%, a new record for the City, Mayor Lenny Curry’s office announced Aug. 21. Within this bond issue, the City was also able to save taxpayers more than $25 million by refinancing higher rate bonds at substantially lower rates.

These actions allow the City to keep costs low, increasing money available for critical priorities, including public safety, infrastructure, libraries, parks and more. Achieving a strong showing in the bond markets may have come as result of Curry’s and City Council’s commitment to prudent budgeting, reducing debt, strengthening reserves, and reforming pensions in recent years.

“I am thrilled that citizens are reaping the benefits of having a fiscally-responsible government and encouraged to continue working toward further improving Jacksonville’s financial health,” said Curry. “The low rates will help us conserve our resources to address needs across the city. I am thankful for the leadership of my administration, as well as the partnership and foresight of the members of City Council.” 

Interim City Council President, Sam Newby agreed. “It is a great day for the city of Jacksonville. Not only have we saved the taxpayer over $25 million, we are generating finds to improve our citizens’ overall way of life,” Newby said. “I am eager to see these dollars spent to improve public safety, infrastructure, libraries, parks, etc., in our most underserved communities.  We have been discussing the need to improve these components of our city.  Now, we have a jump-start in making happen. Congratulations to Joey Greive, Randall Barnes and Paul Barrett and the finance team for their tireless efforts in this endeavor.” 

Bonds are used to assist with funding capital development projects in neighborhoods around the city.

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