JACKSONVILLE, N.C. (WNCT) — The bond rating for the city of Jacksonville has improved, the city announced in a news release Wednesday.
The city refinanced their bonds in advance of market changes, netting them $1 million in savings.
Specifically, the city elected to refinance a $30 million bond, which financed the construction of the Center for Public Safety and other projects.
Jeff Minch, vice president, Hilltop Securities said the process will save the city $1.13 million in cash flow savings from the current fiscal year to 2032.
The city said stable government, a low debt ratio, military presence, a growing tax base and healthy cash levels were all factors in the improved bond rating.
“The credit goes to the mayor and council for stable budgets and cautious spending,” said City Manager Richard Woodruff. “This new rating places Jacksonville in a rare ranking above most other Cities in the State, and only two notches below the highest ranking in the state.”
The reissued bonds were sold December 6 and will provide the savings over the life of the bonds.