Carmel City Hall (photo courtesy City of Carmel)

Carmel Mayor Jim Brainard says his city's bond sale has paid off. Brainard says the city refinanced a series of debt obligations Tuesday.

Listen:

The goal was to raise upwards of $200 million by selling bonds on Wall Street. Brainard says the city was able to get a 3.24% rate. He says that's down from the old 6% rate. As a result, the mayor says the city will save about $55 million. Brainard says the city's credit rating facilitated a quick purchase which ultimately benefits taxpayers.

Indiana Fiscal Policy Institute President John Ketzenberger says the move is similar to refinancing your home and is common among cities. He says the move should leave money left over for current development projects like City Center and Merchants' Square. Brainard says economic development is crucial for Carmel's future and the bond sale facilitates city goals toward that end.