The Xenia Rural Water District expects to save $12.5 million dollars over the next 25 years by refinancing a decade old bond issue.

Starting next year, the refinanced bonds will save the District approximately $500,000 per year.

General Manager and Chief Executive Officer Gary Benjamin says “This refinancing marks 2016 as a transformative year for the District and its membership.”

During the refinancing process, the District received its highest Standard and Poor’s rating in history.  The BBB+ rating is said to provide a stable outlook for Xenia, which experienced operating shortfalls in 2010 and 2011.

D.A. Davidson Senior Vice President and Public Finance Banker Michael Maloney says “Working with the District for several years, this refinancing bond issue represents how strong management by the District’s staff and Board was able to improve operations and financial performance.  It was clearly recognized by both the rating agency and investors alike.”

Xenia’s customer base has grown from 7,550 in 2006 to more than 9,700 at the end of the 2015 fiscal year.

The District attributes their financial rebound to management’s proactive budgeting practices and system improvements.