Franklin County refinances jail bonds
Refinance team saves county $1.81 million
Last updated 12/21/2020 at 8:22am
PASCO — Franklin County is in the process of refinancing its 2012 limited tax general obligation jail bonds for interest cost savings.
"This is a great accomplishment for the county and its citizens," County Administrator Keith Johnson said, noting S&P Global Ratings has re-affirmed the county at AA-.
An AA- rating means there is a high likelihood that bond obligations will be met.
The refinancing will save the county $82,110 annually, or $1.81 million over the 22-year life of the bonds.
“This rating of AA- reflects that the county is well-managed and has strong financial policies and practices in place for the benefit of our citizens. The higher the rating, then the lower the interest cost," County Commission Chairman Robert "Bob" Koch said. "We are very pleased and proud to achieve the rating of AA-”.
County Treasurer Josie Koelzer chalked up the high rating on the county's financial track record, the local economy, management practices and efficient county management.
“It was a team effort for Franklin County and speaks to our fiscal responsibility and prudent management," County Auditor Matt Beaton said.
In obtaining the rating, the county assembled a presentation team that included Johnson, Koelzer, Beaton, Chief Deputy Treasurer Ruslan Stetskiy, Treasurer's Office Administrative Accountant Stuart Burke, Auditor's Office Finance Director Tom Westerman and Accounting Superviser Tim Anderson, County Assessor Peter McEnderfer, Planning and Building Directgor Derrick Braaten and bond underwriter Jim Nelson of D.A. Davidson and Co.
The refinanced were approved Dec. 1 at a interest rate of 2.55%
"The County was fortunate to time the pricing of the refunding bonds near a historic low in interest rates," Koelzer said. "Interest
rates came down approximately 0.20% from the estimate we received on Nov. 13.”