Bond refinancing will save Suwanee $180k

The Suwanee Urban Redevelopment Agency on Thursday authorized refinancing of 2006 revenue bonds used to help fund construction of Suwanee City Hall. Suwanee still owes about $4 million on the original $6.5 million bonds and, through refinancing at an interest rate of 1.94 percent, will save approximately $180,000, or about 4.65 percent, across the 11-year payment period that remains.

The original interest rate was 3.5 percent.

Suwanee also has about $13 million in general obligation bonds remaining from $17.7 million in bonds originally issued in 2002, which were used to acquire open space and build parks. The city refinanced those bonds in 2006 and cannot, according to IRS rules, refinance again within a 10-year period.