Judul : Allegany County could save $1 million by refinancing Courthouse facility bond
link : Allegany County could save $1 million by refinancing Courthouse facility bond
Allegany County could save $1 million by refinancing Courthouse facility bond
The Allegany County Legislature hopes to save around $1 million by refinancing a 2010 bond that helped expand the County Courthouse Facility. Monday afternoon (4/27/2020), lawmakers will vote of a seven-page resolution titled:REFUNDING BOND RESOLUTION OF THE COUNTY OF ALLEGANY, NEW YORK; AUTHORIZING THE ISSUANCE PURSUANT TO SECTION 90.00 or 90.10 OF THE LOCAL FINANCE LAW OF REFUNDING BONDS; TO BE DESIGNATED SUBSTANTIALLY “PUBLIC IMPROVEMENT REFUNDING (SERIAL) BONDS”; AND PROVIDING FOR OTHER MATTERS IN RELATION THERETO AND THE PAYMENT OF THE BONDS TO BE REFUNDED THEREBY
Like many, if you have no idea what the resolution title is even saying, here is a scaled down, easier to understand explanation:
Requesting a resolution for April 27, 2020 to authorize the refunding of our 2010 Serial Bond Issue. These are the bonds that we issued in order to build the expanded County Courthouse Facility. There is an estimated $10,255,000 owing on this bond thru the maturity date of 11/10/2035. In working with our financial consultant, Municipal Solutions, we have determined that there are considerable savings at this point if we refinance the balance. The estimated savings is proposed to be $900,000 to $1,067,000 over the remaining life of the bond. The lower range would be net of all costs of the issuance. Currently Municipal Solutions is circulating the information necessary to receive proposals on this reissuance so that we can be ready to take advantage of the market quickly. Bond Counsel has been contacted and this requested resolution is the next step in moving forward with the refinancing. We feel the estimated savings of this bond interest indicates the time it now to take advantage of the market and refinance this bond. The closing would need to take place prior to July, 2020.
FISCAL IMPACT: Estimated gross savings of $1,067,000 thru 11/2035. Net savings estimated at $900,500. All dependent on market on date of sale.
The Legislature is April 27th at 2 p.m. and will be held via a teleconference.
from Wellsville Regional News (dot) com https://ift.tt/353Wjk5
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