Poughkeepsie… County Executive William Steinhaus announces the planned refinancing of existing Dutchess County bonds. The various bonds, originally issued prior to 2002 at interest rates ranging from 4% to 5.50% are candidates for refinancing at lower interest rates, providing an estimated savings for the taxpayers of Dutchess County of up to $1 million.
Steinhaus stated, “Several factors contribute to making this the right time to refinance. First, it’s always the right time to try and save tax dollars, but right now interest rates are low and there is an increasing market for municipal bonds and investors looking to diversify and enhance personal portfolios with sound government bond purchases. Dutchess County’s continuing economic growth and Dutchess County’s enviable Aa2 bond rating make our bonds an attractive investment.”
Steinhaus concluded, “Strong fiscal stewardship continues to be one of my top priorities. Bond refinancing of our capital projects is just one example of our financial management practices that keeps spending in check, while providing the quality services our Dutchess residents have come to expect from us. My goal, as well as our obligation, is to maximize available resources in the most cost efficient and prudent manner. Our excellent bond rating which we’ve worked hard to achieve helps keep our costs down and allows us to accomplish our financial goals.”
A resolution authorizing the bond refinancing has been sent to the County Legislature for consideration at the April meeting. The county anticipates closing the new bond issue in May 2006.