Idaho taxpayers will save nearly $10 million from two bond sales that used a state bond bank, which the allows cities to pool smaller bond sales into a single big one to attract a lower interest rate.
Ten cities, including Nampa, and one county refinanced existing bonds or sold new ones totaling $83.7 million. In the Treasure Valley, Nampa refinanced a $3.2 million bond for water system improvements that will save taxpayers $233,924.
"Idaho municipalities are taking advantage of record-low rates in the municipal bond market to refinance their existing debt," said Cameron Arial, vice president for public finance at Zions Bank, a financial adviser for many of the cities in the bond package.
The cities used the Idaho Bond Bank Authority, which lends money to local governments and pledges sales tax revenues as additional security for the loans, reducing interest costs. The bond bank was created by a constitutional amendment approved by voters in 2000.
Bill Roberts: 377-6408