RIHEBC helps save Woonsocket $3.2M

WOONSOCKET – The R.I. Health and Educational Building Corp., a quasi-public organization, announced the sale of $59 million in bonds, saving Woonsocket an estimated $3.2 million in debt services.

The bond issuance refunded 2009 bonds used to pay for two new middle schools in Woonsocket. Issued as part of RIHEBC’s Public School Revenue Financing Program Bond, the financial group says savings were augmented by recent improvements to Woonsocket’s credit rating.

In September, Moody’s Investors Services Inc. revised its Woonsocket outlook from stable to positive.

“This administration has made it a priority to implement responsible budgeting practices and cost-saving measures that have turned into real savings for taxpayers in Woonsocket,” said Lisa Baldelli-Hunt, Woonsocket mayor, in a statement.

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RIHEBC helps Rhode Island education and health care entities access capital. Prior to Woonsocket, the group issued $86.4 million in bonds to refund previously issued bonds for seven community and school districts. Estimated savings totaled $13.4 million.

“By partnering with RIHEBC and utilizing a tool available to Rhode Island municipalities, the city has been able to keep money in the pockets of our residents. Moving forward, the city will continue to work with RIHEBC to identify opportunities for additional taxpayer savings,” Baldelli-Hunt said.

Eli Sherman is a PBN staff writer.