CHARLOTTE – Charlotte-Mecklenburg Utilities has refinanced $114 million in revenue-bond debt that will end up saving the system and its customers $18 million in “present value savings.”

The refinancing reduced the interest cost on the outstanding bonds by 16.4 percent, and that savings helped moderate the rate increase customers saw this year, Charlotte Chief Financial Officer Greg Gaskins said in a news release.

“The $18 million savings will be realized over the life of the bonds, with $3 million in savings” in fiscal year 2011-12

“The remaining savings are spread evenly over the years that follow until all the bonds are repaid,” Gaskins said. “This helps the utility keep cost down as (the utility) transitions from a time of high growth to lower growth and continues to maintain quality service.”