Kaufman County Bond Refinancing Saves $1,627,111 Over Ten Years

06-29-2012

Kaufman County Officials were delighted with the results of the refinancing of $13,740,000 of the jail bonds that are due and payable through 2022. The bonds were offered for refunding on Thursday, June 28th, and saw a net savings of $1,627,111. The interest rate was lowered from the previous level of 4.98% to a new interest rate of 2.51%.

County Jude Bruce Wood was very excited with the results of the refinancing program. “This obviously is a tremendous savings for Kaufman County taxpayers and I could not be more delighted with the final results. We hit the municipal bond market at exactly the right time since interest rates on tax exempt bonds like ours are at all time historic lows.”

“We had been delayed by more than a year while proceeding with this sale due to the poor financial standing of the County at the end of the 2009-2010 budget year when Kaufman County had a negative $1.6 million fund balance. But when our new audit was released for the 2010-2011 budget year we were back in the black with a positive $1.0 million plus fund balance, we were able to proceed with the refinancing program.”

“This was a win-win situation for everyone and the Commissioners and I are absolutely delighted with how well it went.”