Wicomico County Bond Refunding Saves a Projected $850,000

As reported in a Wicomico County press release,

Wicomico County Executive Rick Pollitt is pleased to announce that on Tuesday, November 26, 2013 the county closed on a $14 million bond refunding transaction that will save taxpayers $850,000 in future debt interest expense.

The refunding was provided by a direct bank loan with PNC Bank at an interest rate of 2.94%.  The debt being refunded was originally issued in 2008 primarily for major education construction projects.

Pollitt said, “As County Executive, I am committed to grasping opportunities to do better with our taxpayers’ money.  It’s further justification of Wall Street’s high confidence in our stewardship of the public trust as evidenced by our recent historic bond ratings upgrades.”

The County would like to thank their financial advisory team at Davenport & Company led by Sam Ketterman, Joe Mason and Phil Weisshaar as well as Lindsey Rader, Bond Council at the firm of Funk & Bolton for their diligent work in creating this value for the county.

PNC Bank is a Bronze Corporate Partner and Funk & Bolton, P.A. is a Silver Corporate Partner of the Maryland Association of Counties (MACo).

To view the press release, visit Wicomico County’s website.