The city of Las Vegas closed a deal this week that will result in $2.2 million in new money for more street resurfacing and other capital improvement needs.
The financial transaction involves taking advantage of low interest rates and refinancing outstanding bonds it issued in 2002 and 2004.
In doing so, the city has been able to lower the average interest rate it is paying from 4.6 percent to 2.61 percent. The rates for the bonds are fixed.
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