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Chester County adopts parameters ordinance to refinance and fund capital projects, citing $3.6M in potential savings
Summary
The Board of Commissioners approved Ordinance 2025-04, a parameters ordinance authorizing planning for up to about $157 million in general obligation bonds to refund callable 2016 debt and provide new capital funds; county advisers projected roughly $3.6 million in savings if market conditions hold.
A county financial adviser presented details of Ordinance 2025-04 on Wednesday and the Chester County Board of Commissioners approved the parameters ordinance by voice vote.
The ordinance authorizes county staff to plan and execute bond financings to refinance callable 2016 debt and to raise capital for ongoing county projects, including parks, open space and community revitalization. The adviser said the ordinance contemplates two separate transactions: a smaller issuance shortly after the upcoming election (about $25 million) for capital needs, and a larger refunding planned for spring 2026 tied to the July 15, 2026 call date on 2016 bonds.
On expected savings, the adviser said, “based on current market conditions, we’re probably looking at saving about $3,600,000,” and described that figure as savings realized over the next four years (roughly $900,000–$1,000,000 per year under present assumptions). He explained the timing constraints tied to call provisions and noted the county’s policy requires at least a 3% present-value savings before refinancing proceeds.
The adviser said the parameters ordinance provides flexibility to adjust principal and interest terms at pricing and requires preapproval by the Commonwealth of Pennsylvania before marketing the bonds. County bond counsel Liz Habe (Dilworth) and underwriters from Stifel were present and described their respective roles in counsel and placement.
The board approved the ordinance by voice vote; no roll-call tallies were recorded in the meeting transcript.
