County Executive Danielle Hornberger this week announced that Cecil County successfully refinanced approximately $115 million in bonds at significantly lower interest rates, saving taxpayers up to $28.5 million in debt service payments.
According to a County press release:
The County’s General Obligation Public Improvement Bonds’ interest rate was reduced from 3.47% to 2.03% and the County’s General Obligation Consolidated Refunding Bonds’ interest rate was reduced from 3.47% to 2.11%.
“I am happy to announce that the County was able to successfully lower interest rates, which in turn, will save millions of taxpayer dollars in debt service”, stated County Executive Hornberger. “This refinancing could not have been done without the hard and dedicated work of our Department of Finance.”
As previously reported on Conduit Street, Standard & Poor’s Global Rating Services (S&P) and Moody’s Investors Service assigned AA+ rating and Aa2 rating to Cecil County’s 2021 series of general obligation bonds, deeming its fiscal outlook as stable. The rating agencies emphasized Cecil County’s growing economy, sound financial position, and strong management practices.
The ratings keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies, prudent long-range planning, and robust economy.