Officials at the Massachusetts Water Resources Authority announced last week that the sale of $471 million in general revenue refunding bonds on Dec. 4 will save ratepayers approximately $15 million.

"There continues to be a high demand for our bonds as investors seek higher tax-free yields compared to other investments such as CDs," Philip Shapiro, chief financial officer of the authority, said in a release.

Shapiro said proceeds will be used to refund bonds sold in 1991. When sold, the refunded bonds yielded 7.67%. The bonds used for the refunding yielded 6.53%.

The bonds will be used as part of the authority's Boston Harbor clean-up project. The funds are being used to finance part of the project on Deer Island in the harbor.

Shapiro said the project was "well under way" and that most of the major contracts for the water treatment plants on the island have been awarded.

The authority's bonds are rated A by Fitch Investors Service and Moody's Investors Service, and A-minus by Standard & Poor's Corp.

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