city of murfreesboro

MURFREESBORO, Tenn. — It is the City of Murfreesboro’s practice to consistently monitor and scrutinize all expenses. This effort incorporates careful management of the City’s debt. With interest rates at historic lows, the City recognized an opportunity to reduce the amount of money used to make its debt payments.

“With interest rates so low, this is the ideal time to capitalize on refinancing long-term obligations,” said Mayor Shane McFarland. “We have a diligent budgeting staff working with our financial consultant to prudently take advantage of current opportunities in financial markets.”

In the most current refinancing, City debt that carried a 2.17% rate of interest was reduced making the net effective interest rate on this debt .58%. An earlier refinancing also presented an opportunity to eliminate the City’s variable rate debt, which increases expenses when interest rates rise.

Since May, the City has refinanced three outstanding bond issuances. This refinancing reduces the City debt by $3.65 million over the remaining term of the bonds. Additionally, the City’s annual debt expenses are reduced $380,000 thru FY24 and $173,000 reduction thru FY28 and Water Resources Department will see an average annual savings of $208,000.

Cumberland Securities Co., Inc. serves as the City’s financial advisor for its debt funding and provided financial advice for this beneficial transaction. Bass Berry & Sims, PLC serves as the City municipal bond counsel.

For City News online, visit www.Murfreesborotn.gov.


Soltea
Improve Your Heart Health with All-Natural Soltea Daily Supplement – Click Now to Save 25% Off Your First Order
All-Natural Heart Health Supplement – Save 25% Now
CodeMonkey
Coding for kids! Introducing programming games for the next generation. Get your kids coding today.
Start with a free trial.
Grow Credit
Grow Credit is a free Mastercard you can use to pay your subscriptions while you build credit.
Start building your credit today!
Brigit
Know your spending habits, anticipate overdrafts, and get up to $250. Only takes 2 minutes. No credit check.
Get your finances on track.
Acorns
Acorns helps you grow your money. Take control with all-in-one investment, retirement, checking and more.
Get a $5 bonus when you sign up.
Gabi
The easiest way to compare and save on home and auto insurance. Match coverage, compare rates and save.
Find hundreds in savings now!
Truebill
Lower your bills and stay on top of your financial life with Truebil, the app that helps you save every day.
Take control & start saving money!
Tally
Overcome your credit card debt with Tally. Consolidate and save money while you pay it down.
Get started with Tally today.