Dane County Refinances Bonds, Taxpayers Save
April 11, 2008
County’s Solid Financial Reputation Attracts Lenders with Lower Rates
Joshua Wescott, Office of the County Executive (608) 267-8823 or cell (608) 669-5606
(Madison)….Dane County Executive Kathleen Falk said today taxpayers will save $835,000 thanks to the county’s timely decision to take advantage of lower interest rates and refinance several bonds.
Through a competitive bidding process Thursday, ten lenders offered refinancing rates to the county with Piper Jaffray offering the lowest rate of 3.1%. The refinancing will save the county nearly $150,000 a year on $15.7 million in bonds.
“We’re always looking for ways to save money for our hard-working citizens and refinancing now does just that,” Falk said. “We’ve been watching closely to take advantage of lower interest rates.”
Falk noted a number of lenders competed for the county’s bonds because Dane is one of only two counties in the state and one of only a handful in the entire nation to earn the AAA bond rating, the highest grade possible for fiscal management.
“Given these shaky times for the markets, lenders are really looking for safe, dependable, and high quality places to put their money. With its years of AAA bond ratings, Dane County really stands out,” Falk added.
Dane County has achieved the AAA bond rating designation for 27 consecutive years from Moody’s Investment Service. The County has received AAA ratings from Fitch Ratings in each of the eight years the firm has issued ratings to the county.
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