Bond refinancing saves King County $28.4 million

September 4, 2012

By Staff

King County Council members unanimously authorized the sale of $65.4 million in sewer revenue refunding bonds Aug. 20 — and saved $7.5 million.

The refinancing lowered interest rates on the bond from between 4.5 and 5 percent to 3.62 percent.

In the sluggish economy, county leaders took advantage of King County’s strong credit rating and low interest rates to refinance bonds in recent weeks. Overall, the refinancing steps saved $28.4 million.

“This is our third successful refinancing since July 16,” Councilman Joe McDermott, Budget & Fiscal Management Committee chairman, said in a statement. “During that time, the county has saved taxpayers and ratepayers more than $28 million due to our strong credit and sound financial management.”

The county received the highest eligible credit ratings at the time of each bond sale from the major bond rating agencies.

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