WARWICK – Mayor Joseph J. Solomon recently announced the city has sold $3.2 million in bonds for LED streetlight conversions, according to a news release.
The 0.7% interest rate is better than the city’s previous historic low of 1.24%. The funding for the project comes from a loan with the Rhode Island Infrastructure Bank.
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Solomon in a statement attributed the low interest rates to the city’s strong AA bond rating, budgetary flexibility and liquidity.
The city previously announced a $10 million loan through the Rhode Island Infrastructure Bank as part of a comprehensive roadway and infrastructure improvement plan.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
