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Township refinancing yields $1.33 million in present-value savings, S&P notes AA rating
Summary
Financial advisers reported the Township's market refunding of its 2018 general-obligation bonds produced $1,326,497 in present-value savings and a yield of 2.753%; S&P supplied a credit report noting strong reserve levels and budget practices.
Consultants from Raymond James and Concord Public Financial Advisors briefed the board on the Township’s market refunding of its 2018 general-obligation bonds.
Lou Verdelli and Ryan Brockman of Raymond James presented transaction details and reported final present-value savings of $1,326,497 and a yield on the issue of 2.753%. Chris Gibbons of Concord provided the Board with the Standard & Poor’s report showing an underlying S&P AA credit rating for the Township.
Commissioner Sean Sanderson highlighted financial-management points reflected in the rating, noting the Township’s available reserves are nearly 40% and staff adhere to Government Finance Officers Association best practices in budgeting. The presentation listed purposes for the bond proceeds as current refunding of the 2018 bonds and payment of issuance costs.
The briefing was informational; no board action was taken at this meeting.
