Leveraging upgrade from Standard & Poors to A+, Buffalo Comptroller Miller-Williams sells $41 million in bonds for water authority
Bond sale includes refinancing of old bonds, saving $2 million
Armed with a bond rating upgrade to A+ from Standard & Poors, interim Buffalo Comptroller Barbara Miller-Williams returned to the bond market this week to sell $41 million in bonds for the Buffalo Municipal Water Finance Authority.
“These bonds will fund $27.5 million in improvements to make our city’s water system safer and more efficient,” said Miller-Williams. “We even refinanced $13.4 million in old bonds at a lower interest rate, saving ratepayers $2 million in interest costs.”
The improvements include new investments in nearly every part of the city’s water system, including pumping stations, filtration plants, water mains, and service lines.
“Thanks to the upgrade from Standard & Poors, as well as favorable market conditions, we were able to get a better rate than we anticipated just a few short months ago,” said Miller-Williams.
The bonds were underwritten by Roosevelt & Cross and Ramirez & Co. at a combined rate of 3.5 percent. Miller-Williams indicated that in addition to the upgrade, increased demand on the day of the sale led to even more savings.