BEND, Ore. - The city of Bend has teamed up with local Bank of the Cascades to refinance $10 million in loans. Taking advantage of the current low interest rates, the city is expected to save $817,000 over the life of the debt.
The transaction included a Transportation Improvement loan in the amount of $6.3 million and a Bend Urban Renewal Agency loan for $3.7 million.
"As stewards of local taxpayer dollars, we are always looking for ways to save money and increase efficiencies," said Sonia Andrews, city finance director. "We had the opportunity to explore lower interest rates, and Bank of the Cascades helped us realize a significant savings."
According to Andrews, the city and Bank of the Cascades have enjoyed a long-standing banking relationship, keeping local dollars in the community.
"This is what community banking is all about," said Julie Miller, EVP and Oregon regional president. "The city has made an important choice to bank locally. For several years, they have trusted Bank of the Cascades with their deposits, making it possible for us to reinvest in our communities. We are happy to have the opportunity to support them further through these loans."
The savings from the refinance will free up funds for future transportation improvements and urban renewal projects.