FOR IMMEDIATE RELEASE
Deputy Freeholder Director Christopher D.Rafano
Chair, Administration and Finance Committee
Chief Financial Officer
County Improvement Authority Saves $491,000 Through Refinancing Bonds
DECEMBER 8, 2009 – Deputy Freeholder Director Christopher D. Rafano, chair of the County’s Administration and Finance Committee, announced today that the Middlesex County Improvement Authority will save $491,236 as a result of refinancing bonds for the Meadows at Middlesex Golf Course.
The Improvement Authority received a 3.24 percent net interest rate on the $4.755 million in Revenue Refunding Bonds it guaranteed through Middlesex County. The County maintains a AAA bond rating from Standard and Poor’s rating service.
By guaranteeing the bonds through the County, the Improvement Authority took advantage of the strong rates that accompany an excellent bond rating.
“The successful rate is highly competitive and is indicative of the confidence accorded by the financial markets to Middlesex County, recognizing the County’s financial strength,” said Rafano, Freeholder Liaison to the Improvement Authority. “Standard and Poor’s rating service affirmed our AAA rating and that means we can borrow at a substantially lower rate than roughly 98 percent of governmental entities in the nation. In this case, it also means $491,236 in savings for our tax payers.”