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DETROIT WATER & SEWERAGE DEPARTMENT ISSUES $269,440,000 IN REVENUE BONDS

DETROIT WATER & SEWERAGE DEPARTMENT ISSUES $269,440,000 IN REVENUE BONDS
 DETROIT, June 11 /PRNewswire/ -- Director Bennie L. Benjamin of the Detroit Water & Sewerage Department (DWSD) announced to the Board of Water Commissioners that, as of June 1, DWSD issued $269,440,000 in revenue bonds, resulting in a savings of $16,345,564 for water customers.
 The bond issue saves money as $204,401,585 was refunded in previously issued bonds which bore an average rate of 8.5 percent. The refunding issue bears an average rate of 6.5 percent.
 The remaining $65,038,415 that was refunded will be used for capital improvements to the water system infrastructure.
 After hearing the report, Board President John Lamerato congratulated Benjamin and the department staff on the bond issue. He said, "This action represents a tremendous savings to our customers, as well as benefiting the department's operations."
 The bonds are rated "A" by Moody's and Standard & Poor's rating agencies.
 -0- 6/11/92
 /CONTACT: Dorothy Mann, DWSD public relations, 313-224-3834/ CO: Detroit Water & Sewerage Department ST: Michigan IN: SU:


SM -- DE009 -- 9178 06/11/92 10:50 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
Words:188
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