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Board hears proposal to refinance bonds, consider new capital borrowing and receives FY23 audit; public comments urged use of funds for reentry services
Summary
County finance staff and underwriters briefed the Board of Supervisors on a proposal to refinance prior bond issues for savings and to issue new long‑term financing for capital projects, and the Arizona Auditor General's office presented the county's FY2023 audit results and control findings.
Pinal County officials presented a multi‑part finance briefing April 30 that included a proposed refunding of prior county bonds, a proposed new money bond issue to finance capital projects, and a public presentation of the county’s fiscal year 2023 audit and single‑audit findings.
Underwriters reported the county could refinance certain 2014 and 2015 bond issues to capture interest‑rate savings after a contractual 10‑year lockout. County financial advisors estimated potential debt‑service savings in the low millions depending on market conditions and noted the timing of a market sale will determine the final savings; the county will proceed only if the final terms produce acceptable savings. The board heard a…
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