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News Release

October 4, 2011      

For Further Information Contact:
William R. Steinhaus, County Executive
(845) 486-2000

County Bond Refinancing to Save Taxpayers Over $470,000

 

Poughkeepsie… Dutchess County Executive William R. Steinhaus has announced the planned refinancing of existing Dutchess County bonds.    The various Public Improvement bonds, originally issued in 2003 at interest rates averaging 3.6% to fund county road construction, public works equipment as well the Central Dutchess Water Transmission Line and other projects,  can be exchanged for Refunding Bonds which carry an average interest rate of about 1.6%.    This refinancing is expected to generate estimated taxpayer savings of more than $470,000 over the next ten years.

County Executive Steinhaus said, “Right now, we are in a strong position to take advantage of opportune market timing and provide significant savings of more than $470,000 to property taxpayers with the refinancing of these county bonds.”

“Because of our disciplined financial stewardship, Dutchess County has earned an enviable Aa1 bond rating, making our county bonds a solid investment,” continued the County Executive.   “As we have in the past, I want to leverage that strong bond rating to save our Dutchess taxpayers money.   This is yet another example of our continued sound financial and budget management practices.”

Steinhaus noted, “Much credit for these savings goes to the strong finance team we have built here in county government including our Commissioner of Finance Pamela Barrack and Budget Director Valerie Sommerville.”

A resolution authorizing the bond refinancing has been sent to the Dutchess County Legislature for approval at the October board meeting.

 

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County Executive

County Executive