SMART is a little late to the refi game, unless they're expecting a recession to push rates down to zero again (we're pretty close right now even without a recession). Many other public agencies have refinanced their bonds (GO with a vote, revenue without) over the last 5 years with great benefit on their budgets. In the case of Sacramento's mammoth wastewater project (well over a billion$), the refi resulted in the agency cancelling future rounds of rate increases tied to the bond cost (to cheers all around).