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$1.2 Million in Taxpayer Savings with Planned County Bond Refinancing

Published: 4/7/2016

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Colleen Pillus

Poughkeepsie, NY… Dutchess County Executive Marcus Molinaro has announced the planned refinancing of existing Dutchess County bonds.  The various bonds, originally issued in 2007 and 2008 at interest rates ranging from 4.125% to 5.00%, are candidates for refinancing at lower interest rates for the remaining 13 year life of the bonds. The reissue of the bonds will provide taxpayer savings averaging approximately $93,000 annually for an estimated $1.2 million in total budgetary savings.

"Dutchess County’s bonds are very attractive in the investment market thanks to our strong AA+ bond rating. Refinancing older bonds provides us important opportunities to deliver savings to our taxpayers," said County Executive Molinaro.  "This county government has a collective focus on ensuring fiscal stability enabling us to be able to cut our tax levy, rebuild our fund balance and secure one of the top bond ratings in New York State."

Chairwoman of the Dutchess County Legislature’s Budget, Finance & Personnel Committee Angela Flesland said, "Bond refinancing is one of the key financial management practices that ensure we are being as efficient and prudent with taxpayer dollars as possible.   Our strong fiscal stewardship has earned a strong bond rating and enables us to continue to provide savings that benefit our taxpayers.   I look forward to reviewing this resolution with my colleagues in our committee meeting."

A resolution authorizing the bond refinancing has been sent to the County Legislature for review at the April board meeting and authorization in May.  The County anticipates closing on the new bond issue in June.