Coral Springs expects to save roughly $200,000 a year after refinancing an older bond, according to city spokesperson Sayona Khandwalla.
At its October 21 meeting, the City Commission passed an ordinance on first reading that amends the budget for Fiscal Year 2025-2026. The change raises the debt service fund by $18,864,800, bringing it to a total of $29,148,920.
The money is tied to Special Obligation Refunding Bonds, Series 2026, which the city issued on July 29. The bonds brought in about $18,677,500 in proceeds, with issuance costs of about $187,300. The city used them to pay off its existing Special Obligation Bond 2016A.
Khandwalla said the refinancing should save nearly $1.6 million through 2034. For residents, the savings mean less of the city budget going toward debt payments over the coming years.
The ordinance still needs a second reading before it takes final effect.
