The City of Jacksonville recently sold $245 million worth of municipal bonds at an average interest rate of 2.22%, a new record for the City. Within this bond issue, the City was also able to save taxpayers more than $25 million by refinancing higher rate bonds at substantially lower rates.
These actions allow the City to keep costs low, increasing money available for critical priorities, including public safety, infrastructure, libraries, parks and more. Achieving a strong showing in the bond markets is a result of Mayor Lenny Curry’s and City Council’s commitment to prudent budgeting, reducing debt, strengthening reserves and reforming pensions in recent years.
Mayor Lenny Curry said, “I am thrilled that citizens are reaping the benefits of having a fiscally-responsible government and encouraged to continue working toward further improving Jacksonville’s financial health. The low rates will help us conserve our resources to address needs across the city. I am thankful for the leadership of my administration, as well as the partnership and foresight of the members of City Council.”
Acting City Council President, Sam Newby, added, “It is a great day for the city of Jacksonville. Not only have we saved the taxpayer over $25M, we are generating finds to improve our citizens’ overall way of life,” Newby said. “I am eager to see these dollars spent to improve public safety, infrastructure, libraries, parks, etc., in our most underserved communities. We have been discussing the need to improve these components of our city. Now, we have a jump-start in making it happen. Congratulations to Joey Greive, Randall Barnes and Paul Barrett and the finance team for their tireless efforts in this endeavor.”
Bonds are used to assist with funding capital development projects in neighborhoods around the city.