May 4, 2024 5:16 pm
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Prescott Valley council approves bond refinancing for large subdivision

StoneridgeBy Ken Hedler | The Daily Courier

The Town Council is making further progress on reducing bond debt for the community facilities district at the StoneRidge subdivision.

Meeting as the StoneRidge CFD board, the council voted 5-0 Thursday for a resolution to refinance the original $14.8 million bond from 2001.

The refinanced bonds would extend the existing bond, which expires in 2026, until 2030 while lowering the interest rate from about 7 to 4 percent. The current bond debt exceeds $18.1 million, and includes more than $7 million in interest.

Refinancing the bond debt would be good news for the homeowners, who have been paying a secondary property rate to pay of a bond that financed a bridge and other public improvements in StoneRidge.

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