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Board approves resolution to pursue possible refinancing of New River Regional Water Authority debt
Summary
Carroll County approved a resolution allowing it to participate with partner municipalities in exploring refinancing of the New River Regional Water Authority’s debt; staff cited an original bond of about $10.94 million with remaining principal near $7.1 million and said refinancing would be pursued only if market rates (roughly a 3% improvement) make it advantageous.
County staff and counsel briefed the board on a proposed resolution that would allow Carroll County to join two other participating municipalities in pursuing refinancing of the New River Regional Water Authority’s outstanding debt. Counsel said the original bond was approximately $10,940,000 and the remaining principal is roughly $7.1 million, and staff said the county’s intent is to seek a roughly 3% improvement in interest cost before accepting any refinancing.
The resolution authorizes staff and counsel to pursue market options and return terms; supervisors moved and adopted the resolution on a recorded vote. Staff emphasized that the county would not be obligated to accept refinancing unless the final terms are favorable.
