COLORADO SPRINGS, Colo.—Call it good timing.
Colorado Springs Mayor Lionel Rivera says the city expects to save an average $300,000 a year in interest costs on financing for a complex incentive deal to keep the U.S. Olympic Committee in town.
Rivera told city officials Wednesday that the City of Colorado Springs Public Facilities Authority will pay an average interest rate of 4.63 percent on $31.47 million in certificates of participation that were sold to investors Tuesday.
Rivera says municipal rates have since risen 0.25 percent.
The city will pay $1.54 million in interest payments on the certificates in the first year, which is $660,000 less than the $2.2 million included in the city’s 2010 budget released last week.
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Information from: The Gazette,
