ADVERTISEMENT

Buffalo’s high credit ratings helped save city taxpayers $807,394, according to Comptroller Mark J.F. Schroeder.

Schroeder’s office refinanced $7.5 million in bonds Tuesday that were originally sold in 1994 and were used to build what is now First Niagara Center. The interest rate on the bonds, last refinanced in 2004, went from 5.46 to 2.96 percent.

The city carries credit ratings in the “A” category. Those high ratings have helped the city save $23 million since January 2012, Schroeder said.