Vancouver refinances bond for parking garages, work on streets

The city of Vancouver has refinanced a bond for two parking garages and street improvements.

The refinancing will save a total of $1,915,762 in debt service payments, said Vancouver Treasurer Carrie Lewellen.

The new bond was issued at an overall yield of 2.36 percent, compared with 4.08 percent interest on the bond that was replaced. The bond is set to be paid off on Dec. 1, 2025, which is the same date as the prior bond.

The move will save the city’s parking fund more than $100,000 a year in debt service payments, and save the general fund $56,000 a year.

During the past decade, the city has refinanced $61 million in general obligation bonds, reducing debt payments by more than $5.8 million.

The city pays about $10 million a year for all of its debt, including interest.