Bond Issue Saves Grand Ledge $650,000
March 20 – Charlotte, Michigan – From Eaton County Treasurer, Bob Robinson. An Eaton County backed bond issue for Grand Ledge water supply and sewage disposal financing saved the city approximately $656,000 over the next 11 years. The 2014 refunding of previously issued 2005 general obligation bonds, unanimously approved by the Eaton County Board of Directors at its March 18 meeting, reduced the rate of interest on $5,000,000 of remaining debit from on old interest cost of 4.7 percent down to 1.89 percent for a present value savings of 12.51 percent of the remaining balance on the bonds.
“This was an extremely competitive offering that attracted 13 bids from throughout the country,” said Eaton County Treasurer, Bob Robinson. “We got the largest number of bids ever on an Eaton County bond issue.”
As treasurer, Robinson is responsible for the preparation and sale of bonds issued by the county.
A general obligation bond (GOB) is a municipal bond that is secured by a local government’s pledge to repay bond holders who invest. Backed by the full faith and credit and tax revenue of the municipalities involved, credit rating agencies often consider GOBs to have strong credit quality.
“While there are never guarantees on future economic conditions, “said Treasurer Robinson, “the success of this bond issue is almost certainly the result of Standard and Poor’s recent upgrade of the county’s rating from AA- to AA.
A strong rating means that county issued bonds could be more competitive, and attractive to a larger number of investors. When resources are well maintained, credit ratings go up and the cost of borrowing goes down.
“Managing finances has not been an easy task in these difficult times,” said Robinson. “The outcome on this refinancing is an indication of the solid economic potential we have here in Eaton County, and the excellent executive leadership and fiscal skill of Eaton County Controller John Fuentes and his staff.”
As controller, Fuentes is the chief fiscal executive and administrator for the county.
For more information, contact Eaton County Treasurer, Bob Robinson, at (517) 543-4262 or email at firstname.lastname@example.org.
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