Tuesday, July 15, 2014
Lawrence County Refinances Debt Savings To Taxpayers
Press release
Lawrence County received bids on July 8th to refinance a Series 2004 School Bond. Nine bids were received, with a winning bid of 1.06% interest, generating savings of $220,000 over the term of the bond.
This refinancing reduces the amount of interest the county would be paying on the School Bond and will help the county get out of debt sooner.
J. Mack Chandler states, “The cost of issuance was lower than anticipated and savings on the refunding greatly exceeded expectations.”
These bonds were rated A1 by Moody’s Investor Service. Moody’s rating rationale reflects the county’s healthy financial operations with adequate reserves, below average socioeconomic profile and stable tax base.
J. Mack Chandler states, “This recent bond rating validates our past financial performance and keeps Lawrence County headed in the right direction.”
Moody’s Investors Service is a leading provider of credit ratings, research and risk analysis. The firm’s ratings and analysis track debt covering more than 115 countries.
Moody’s rating scale of A1 shows Lawrence County was reaffirmed in a strong investment grade.
