If you want to know what the City of San Antonio's nearly reaffirmed AAA bond rating means to you, it means about $7 million in tax money going for projects of tax relief, instead of into the pockets of bankers, Newsradio 1200 WOAI reports.
Just a few days after the AAA bond rating was affirmed, the city has sold $233 million in bonds, and received a combined interest rate of 2.83%.
"For any citizen who has heard about the city's AAA bond rating and wondered why it matters, it doesn't get any clearer than this," City Manager Sheryl Sculley said. "By keeping our financial house in order, we are able to borrow at much lower interest rates, which translates into lower total costs for the streets, drainage, libraries, parks, and other projects that the community wants."
The bond sale comes just days before Sculley presents the proposed 2015 city budget to Council.
The bond packages which were refinanced include general improvement bonds from the city's 2012 bond program, as well as tax notes for street improvements and land acquisition.