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RI Infrastructure Bank Bond Refinancing Returns $6.4 Million In Savings To Municipalities

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September 13, 2021

Press Release

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank (Infrastructure Bank) today announced total savings of $6.4 million from a recent refinancing of Clean Water and Safe Drinking Water State Revolving Fund bonds. These savings will be returned to the Bank’s municipal and quasi-public clients, including:

  • Narragansett Bay Commission-  $2.6 million
  • City of Newport - $880,000
  • Providence Water - $620,000
  • City of Warwick - $615,000
  • City of Woonsocket - $599,000
  • Town of West Warwick - $299,000
  • Town of Burrillville - $174,000

“We were able to take advantage of the current low interest rate environment and favorable bond market conditions to refinance outstanding bonds and significantly lower our costs, generating savings for our municipal and quasi-public clients, whose loans were originally funded with these bonds,” said Jeffrey R. Diehl, Executive Director and CEO of the Bank. “We are pleased to be returning these savings directly to 27 cities, towns, and quasi-public utilities across Rhode Island. Savings that can be reinvested in other clean or drinking water infrastructure projects.”

About Rhode Island Infrastructure Bank:

Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org