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County staff begin work on potential refunding and bond tender to capture multi-million-dollar savings
Summary
County finance staff and bond counsel recommended preparing a parameters ordinance to allow a refunding of 2015 and 2016 bonds and a possible tender of 2020 taxable bonds; if market conditions hold, the county could realize an estimated net present value savings of roughly $3.6 million.
Will County staff reported a market opportunity to refinance outstanding bonds and potentially buy back (tender) taxable bondholders, and the Executive Committee approved preparing a parameters ordinance that would allow staff to act if market conditions meet specified savings thresholds.
What was presented: Wells Fargo and the county’s municipal advisors presented two complementary transactions: (1) a refunding of the Series 2015 and 2016 bonds at lower interest rates and (2) a tender offer for…
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