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Sedgwick County officials warn state tax bill's bonding provision could increase local borrowing costs
Summary
County finance staff told commissioners that language in a proposed state bill could reduce the county's bonding capacity and, by one estimate, add roughly $750,000 in interest on an $11.6 million issuance if the county's credit rating is downgraded.
A county finance official warned Wednesday that language in a pending state bill could lower Sedgwick County’s credit standing and raise borrowing costs for local governments.
The official said the county’s municipal adviser modeled the effect on a roughly $11.6 million bond sale and concluded a downgrade could cost the county about $750,000 more in interest on a $10 million issuance. “We would expect to pay $750,000 more just by virtue of that credit rating downgrade,” the county finance official said.
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