The Rhode Island Infrastructure Bank’s recent $47 million refinancing of water pollution control bonds realized $6 million in net present value in savings, according to bank officials.
A portion of the savings will be returned to borrowers, including 13 communities and the Narragansett Bay Commission. The remaining savings will be used to support the nascent bank’s projects, including reinvestment in infrastructure projects across the state.
The bank refinanced the bonds to take advantage of lower interest rates. Standard & Poor’s and Fitch assigned AAA ratings to the bonds, which have 11- and 12-year maturities.
JP Morgan was senior managing underwriter. TD Securities was co-senior manager and Roosevelt & Cross, Oppenheimer, and Ramirez and Co. were co-managing underwriters.
Gov. Gina Raimondo signed legislation to rebrand the Rhode Island Clean Water Finance Agency as the RIIB and expanded its programs, which now include commercial and residential Property Assessed Clean Energy programs, or Pace.
Other new programs include the development of the Efficient Buildings Fund, intended to provide low-cost financing for energy efficiency and renewable energy projects in public buildings around Rhode Island, and the creation of a brownfields remediation revolving fund. The Infrastructure Bank will continue to work with state and federal governmental partners in the development and administration of its programs.
