City Initiates Bond Refunding Process
The Common Council approved resolution 2 of 2020 on Tuesday January 14th, 2020 to pave the way for refunding the 2011 Combined Utility Revenue Bonds (2011 CURB). The 2011 debt was issued to support the construction of the Plymouth Utilities Operations Center and projects within Tax Incremental Finance District No. 6. Interest rates on the existing debt service to be refunded is 4% to 4.375%. The refunding is expected to reduce debt service expense by approximately $1,098,122 over the next 12 years. The City of Plymouth is converting the revenue debt to general obligation debt in order to maximize the savings for Plymouth Utilities and our customers. This will be the fourth time in recent years that the City of Plymouth has implemented such a refinancing strategy. The bond sale results are expected to be approved at the February 11th Common Council meeting.