AUDIO: City of Kalamazoo exercising due diligence with financial posture

KALAMAZOO, MI (WKZO AM/FM) — With interest rates on the rise, the City of Kalamazoo has taken steps to make sure that their debt package is in good shape, refinancing $72-million in bonds, while the costs of borrowing were still low.

City Commissioner Chris Preadel says the city has been able to maintain its bond rating through the pandemic and recently improved its rating for the City’s utilities by raising water and sewer rates.

He says that’s money going into city services and not to the bank or into the pockets of bondholders.

Preadel says it’s not the kind of news that makes headlines, but should.