City reaping benefits of AAA rating

by Larry Lemmons
NewsChannel 10

Amarillo, Texas - The City of Amarillo is able to get a 3.25% interest rate for $18-million worth of certificates of obligation.

The low interest rate is due to the city's new AAA bond rating from Standard & Poors.

The Certificates of Obligation will pay for improvements and renovations to Rick Husband Amarillo International Airport.

The certificates will be repaid from passenger facility charges and available airport entitlement funds.

The AAA rating also allows the city to refinance its 2001 bond series at 3.42%, saving city taxpayers $20,000 a year.

Those bonds paid for construction of libraries.