hanks to an opportunity to buy back bonds issued for the I-635 and Highway 9 interchange, the city of Riverside will save taxpayers $4,500.
The Riverside Board of Aldermen approved the purchase last week at a special meeting.
According to city Finance Officer Donna Resz the city was able to purchase back $50,000 of the bonds for $45,500.
Resz said the purchase will mean the city will have to pay $4,500 less of the principal amount on the bond.
Resz said the city currently has about $53 million left to retire.
The bonds were initially issued to do infrastructure improvements on Highway 9 near Park Hill South High School.
Resz said the city was contacted by a broker a couple of weeks ago about the opportunity. She said during the meeting last week that all board members were either consulted or made aware of the purchase that closed on Sept. 18. The board ratified the agreement Sept. 22.