Vail refinances bond saves interest
Vail, CO Colorado
VAIL ” The town of Vail, Colorado Thursday completed a successful refinancing of its 1998A sales tax revenue bonds through the issuance of $6.3 million of new Sales Tax Revenue Refunding Bonds, Series 2008.
As a result, Finance Director Judy Camp says the town will save an estimated $171,000 in interest payments over the next four years.
The current low interest rate environment allowed the town to refinance at an average rate of 2.7 percent compared with 4.5 percent on the old bonds, Camp said.
Piper Jaffray was the underwriter and Sherman and Howard was bond counsel for the transaction.