Pierce County sold $11.3 million of general obligation refunding bonds as a way to refinance existing debts. | Unsplash
Pierce County sold $11.3 million of general obligation refunding bonds as a way to refinance existing debts. | Unsplash
Pierce County sold $11.3 million of general obligation refunding bonds as a way to refinance existing debts.
The County also sold $189.4 million of sewer revenue to help with the debts and to help lower market interest rates, according to a press release from the county.
"The County’s Finance staff monitored bond market conditions over the past two years, and recent low interest rates provided the opportunity to exceed their savings targets. Interest rates averaged 0.76% on the new general obligation bonds as compared with 5.34% on the bonds being refunded. For the sewer revenue refunding, interest rates averaged 2.37% as compared with 4.19% on the debt being refinanced," the county said in the press release.
Director of Finance Gary Robinson said he's pleased to used the low interest rates.
“We were pleased to take advantage of the low market interest rates,” Robinson said in the press release. “Along with helping the County maintain affordable sewer rates, these interest savings will make additional funds available to support our roads and sewer operations.”
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