Refinance of Utility Bond
On October 29, 2014, the City of Cedar Hills refinanced its 2006 Utility Revenue Bond to reduce the interest rate from 4.52% to 2.68%. This will amount to a total net present value savings of approximately $402,000 over the life of the loan, with actual cash savings being approximately $496,000.
Through financial advisors Lewis, Young, Robertson, and Burningham, the city sent out a request for proposal to look for a lower interest rate for this bond. JP Morgan Chase came back with the most competitive offer, based upon their banking relationship with the city and the location of a Chase Bank in Cedar Hills. This is the third city bond to be refinanced at better terms over the past two years.
-Jenney Rees, City Council