County saves $4.5 million by refinancing bonds, keeps strong rating
Vancouver, WA – Clark County today refinanced two series of bonds, a move that will save taxpayers more than $4.55 million over the next 23 years.
In the process, Moody’s Investors Service reaffirmed Clark County’s Aa1 rating for long-term, voted general obligation debt and Aa2 rating for long-term, non-voted general obligation debt.
“Moody’s analyzed Clark County and said we’re strong,” said Larry Frueh, finance program manager for the Treasurer’s Office. “We’re a solid county.”
Board Chair Marc Boldt noted, “We continue to be a solid county because of our prudent financial management practices put in place well before the beginning of the Great Recession.”
Moody’s rating for the county remains the same as its rating for the state of Washington, he said.
Frueh said Clark County could refinance the 2003A and 2004A series at a lower interest rate because of its good credit rating, excellent track record and the advantageous bond market. The investment banking firm of Piper Jaffray underwrote the refinanced bonds.
The bonds were issued to finance, among other things, the Center for Community Health, Event Center at the fairgrounds, technology and the purchase of Conservation Futures properties.
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