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CITY OF HARTFORD RECEIVES LOWEST BORROWING COST IN DECADES

(October 31, 2014) City officials announced that Hartford received its lowest borrowing cost in decades through the sale of its municipal bonds. The City sold $82 million of its General Obligation bonds at a historic low interest cost of 3.11%. The City also generated a premium from the sale that can be used towards future interest payments or the Rainy Day Fund helping to strengthen the City’s credit rating. The low rate will allow the City to continue making vital capital improvements at a lower cost. Additionally, the city intends to sell more General Obligation bonds next week, which are expected to produce approximately $2 million in debt service savings.

 

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