News Release

 

For More Information:

William R. Steinhaus
Dutchess County Executive
(845) 486-2000
countyexec@co.dutchess.ny.us

August 31, 2001

 

STEINHAUS ANNOUNCES REFINANCING OF BOND

 

Poughkeepsie. . . County Executive William Steinhaus announced the refinancing of existing Dutchess County bonds of $15,850,000.  The bonds, originally issued in 1990, 1994, and 1995 at interest rates ranging from 5% – 6.7%, are being refinanced at an interest rate of just 3.8%, providing a savings of more than $1 million dollars for Dutchess County taxpayers.

Steinhaus stated, “ Several factors contribute to making this the right time to refinance. We recognize there is an increasing demand for attractive municipal bonds.  With the current stock market condition, investors are looking to rebalance personal portfolios with bond purchases. Dutchess County’s continuing economic growth despite the national falling economy and our enviable Aa1 bond rating make our bonds a popular investment.”

Steinhaus concluded, “I insist we in county government stay focused on our core mission.  Consistent with that policy approach, I also require financial and management practices that keep spending in check, while providing the quality services our residents have come to expect from us. Our goal, as well as our obligation, is to make the best of the resources we can afford. I can’t emphasize enough how, because of our careful and conservative management, our excellent bond rating helps keep our costs down and allows us to achieve our goals.”

The County anticipates closing on the issue September 18.

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2001 Press Releases