City Retires Utility Debt Early
The City of Sioux Falls recently retired $3.9 million in bonds early.
In total, these nine loans from the South Dakota revolving fund represented $3,965,959 of principal with just a little accrued interest of $7,718. These funds were borrowed from the South Dakota Department of Environment and Natural Resources from the Clean Water Loan and Drinking Water Loan programs.
Retiring these debt payments early saves the Sioux Falls utility customers in future interest payments, and also frees up the City’s borrowing capacity.
“Whenever an opportunity arises to responsibly retire our City’s debt service early, we will always look at doing so,” said Mayor Paul TenHaken. “I am committed to being a champion for the taxpayers and being a good steward of City funds. This debt retirement positions our enterprise funds to responsibly borrow in the future as needed.”