HUTTO — They may now be $300 million deeper in debt, but Finance Director Alberta Barrett told the Hutto City Council that the city will save more than $8 million in interest on its new bond issuance due to getting good interest rates at market. The bonds went to market June 6, and council approved the sales at their meeting that evening.
“We received a rate of 4.26 for this issue and the next one is at a rate of 4.33. So over both issues, the general obligation and the certificate of obligation issuances, we had a good savings. We did very well in the market today,” Barrett said.
In March, City Council approved taking on new debt to fund 15 water, wastewater, drainage and street projects. Cost for the improvements came in at $303,731,500. The money will be available July 2 for the city to begin the projects.
