Combined with the November 2021 refinance of $60 Million, the City of Irving saved over $110 million this fiscal year by refinancing existing liabilities at a lower interest rate.
On April 21, the City of Irving sold $80 million in Fire Pension Obligation bonds, which City Council approved at its Aug. 19, 2021, meeting. By refinancing the majority of the pension fund’s outstanding liability, the city will save $48 million over the next 25 years. Additionally, the city refinanced $19 million in 2012 Solid Waste Revenue bonds, which will save the city $2.8 million over 10 years by locking in a fixed interest rate.
City leaders anticipate interest rates will continue rising through the end of 2022, which necessitates the sale of bonds as early as possible.
May 2021 Bond Election Projects
Council also approved the sale of $156 million in Capital Improvement Program (CIP) bonds that were approved by voters in the May 2021 Bond election. Projects include:
- Road to the Future street improvements
- Renovations of Southwest and Oak Meadows Parks
- Mustang Park Recreation Center expansion
- A new roof for Irving Arts Center
- Critical technology upgrades for city facilities
In addition to the projects approved by voters, the bond sale also includes the West Irving Creek Drainage Project, and water and wastewater infrastructure improvements.