Thursday, April 17, 2014
Debt Service Savings Of Approximately $175,000
Press release
County Executive J Mack Chandler announced today that the County has applied and received from Sandra Thompson, Director of the Division of State and Local Finance, a Report on a Plan of Refunding being undertaken to refinance debt in Lawrence County.
The plan submitted anticipates achieving debt service savings of approximately $175,000 over a five year period.
“The savings equates to about one-half penny of property tax, per year, until final payoff” and “We are always trying to find ways to keep Lawrence County tax dollars in Lawrence County”, stated County Executive Chandler.
The report also acknowledged that the debt did not exceed the current maturity and noted compliance with the Lawrence County Debt Management Policy.
Lawrence County’s most current bond rating was in December, 2012 when Moody’s Investors Service, New York affirmed the current A1 Bond Rating.
