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Will County will save $20 million over the next several years due to the refinancing of about $170 million in bonds at a much lower rate.
The refinancing is projected to save about $821,295 per year over 25 years, according to a news release. The funds from the bonds were used to complete the Will County jail and finance road projects in the “Build Will” program.
“We always want to be judicious with taxpayers’ dollars,” Will County Executive Jennifer Bertino-Tarrant, D-Shorewood, said in the release. “Just like a homeowner watching for the best mortgage rates and going to a lender when the time is right to refinance and save money, we too in county government have a great opportunity to save dollars during these incredibly tight times.”
Will County has maintained a AA+ ratings from Standard and Poor’s, which is the agency’s second highest rating, and an Aa1 from Moody’s Investor Service, this agency’s second highest credit rating, for several years which has enabled the county to secure competitive interest rates on bonds.
“The County Board is committing to completing our major capital projects while doing them in the most financially responsible manner for our taxpayers,” Will County Board Speaker Mimi Cowan, D-Naperville, said in the release. “Working with the county executive’s staff the county has realized significant savings by successfully completing this refinance of our previous bonds which ultimately saves our taxpayers dollars.”
The county has also maintained a cash reserve policy, which requires the county to have cash and investments balance at year’s end equivalent to 25% of its upcoming budget. County officials attributed the county’s strong rating to these and other policies, fiscal management and a diverse tax base.
“This refinance success is a testament of the County Board creating strong fiscal practices and this was reflected in the credit agencies affirming our strong fiscal ratings again,” Minority Leader Mike Fricilone, R-Homer Glen, said in the release.