City retires utility debt early

SIOUX FALLS, S.D. - The City of Sioux Falls recently retired $3.9 million in bonds early.

Funds were borrowed from the South Dakota Department of Environment and Natural Resources from the Clean Water Loan and Drinking Water Loan programs. In total, these nine loans from the South Dakota revolving fund represented $3,965,959 of principal with just a little accrued interest of $7,718.

The city said in a press release, retiring these debt payments early saves Sioux Falls utility customers in future interest payments, and also frees up the city’s borrowing capacity.

“Whenever an opportunity arises to responsibly retire our city’s debt service early, we will do so,” said Mayor Paul TenHaken. “I am committed to being a champion for the taxpayers and being a good steward of City funds. This debt retirement positions our enterprise funds to responsibly borrow in the future as needed.”