X
GO
Will County Refinances Bonds to Save Taxpayers $20 Million
Anastasia Tuskey
/ Categories: News, Press Releases, Home Page

Will County Refinances Bonds to Save Taxpayers $20 Million

Favorable bond market provides opportunity for county to pass on savings

Through strategic financial planning and consistently high credit ratings, Will County will save more than $20 million in debt service payments on existing bonds over the next 25 years, or an average savings of $821,295 per year.

The county was able to refinance $170.8 million in General Obligation Bonds at a much lower rate, which will yield significant savings in debt payments over the remaining life of these bonds. The funds from these bonds were used to complete the Adult Detention Facility and to finance ongoing road projects in the Build Will program.

“We always want to be judicious with taxpayers’ dollars,” said Will County Executive Jennifer Bertino-Tarrant. “Just like a homeowner watching for the best mortgage rates and going to a lender when the time is right to refinance and save money, we too in county government have a great opportunity to save dollars during these incredibly tight times.”

Will County has maintained an AA+ rating from Standard and Poor’s, which is the agency’s second highest rating, and an Aa1 rating from Moody’s Investor Service, this agency’s second highest credit rating, for several years which has enabled the county to secure competitive interest rates on bonds.

“The County Board is committing to completing our major capital projects while doing them in the most financially responsible manner for our taxpayers,” said Speaker Mimi Cowan. “Working with the County Executive’s staff the County has realized significant savings by successfully completing this refinance of our previous bonds which ultimately saves our taxpayers dollars.”

The county has maintained a cash reserve policy for more than a decade. The policy requires the county to have cash and investments balance at year’s end equivalent to 25 percent of its upcoming budget. This “savings plan”, strong financial management, and a diverse tax base all contribute to the county’s strong financial rating.

Bertino-Tarrant added, “Will County has a long reputation of strong financial health. I am committed to maintaining this reputation with prudent financial decisions.”

“Through our previously established financial policies, Will County has maintained our strong fiscal health despite very challenging times,” said Minority Leader Mike Fricilone. “This refinance success is a testament of the County Board creating strong fiscal practices and this was reflected in the credit agencies affirming our strong fiscal ratings again.”

“As Chair of the Finance Committee, I am very pleased to see that Will County is projected to realize savings of over $20.5 million over the remaining life of the previously issued bonds,” said Board Member Ken Harris. “This savings eases the burden on our county budget and ultimately the residents of Will County.”
Previous Article Will County extends liquor license renewal schedule
Next Article Will County Office Building closed Fri. Jan. 1 in observance of New Year's Day
Print
794

Documents to download

 

Anastasia TuskeyAnastasia Tuskey

Communications Director

Other posts by Anastasia Tuskey

Contact author

x
Press Contacts

Anastasia Tuskey
Communications Director
Ph: 815-740-8376

Tammy Reiher
Public Information Officer
Ph: 815-774-7485

«January 2021»
SunMonTueWedThuFriSat
2728293031
Will County Office Building closed Fri. Jan. 1 in observance of New Year's Day

Will County Office Building closed Fri. Jan. 1 in observance of New Year's Day

The Will County Office Building will be closed on Friday, Jan. 1, 2021 in observance of New Year's Day.
Read more
12
345
County Executive Bertino-Tarrant appoints five to Will County boards

County Executive Bertino-Tarrant appoints five to Will County boards

Will County Executive Jennifer Bertino-Tarrant appointed five people to boards in December.

Read more
678
AgeGuide - Needs Assessment Survey

AgeGuide - Needs Assessment Survey

Share your opinion, shape your community. You are invited to take a 15-20 minute survey about aging services.

Read more
9
10111213141516
17
Will County still in Tier 3 mitigations for COVID-19

Will County still in Tier 3 mitigations for COVID-19

With a new wave of COVID-19 surging across the state of Illinois and the nation, the state is committed to listening to public health experts and following the science to keep people safe. Tier 3 builds on the Resurgence Mitigation Plan first released in July to suppress the spread of the virus and ensure our hospitals do not become overrun.
Read more
181920212223
24252627282930
31123456

Tags

100th birthday 50th Anniversary of Earth Day Passport event acting Chief Judge David Carlson adult detention affordable Alison.com All Nations Church of God in Christ Alzheimer's walk America Recycles Day American Legion Post 1080 American Recycles Day Animal Control Arsenal Road assistance BBQ luncheon Becky Haldorson Bertino-Tarrant Bolingbrook Park District bonds book event book recycling book recycling and reuse event book reuse and recycling Brayden Caraynoff-Haber Bruce Gould businesses career Caroline Portlock cash reserves CBS 2 Chicago census Charlotte Mather chicago Street Citizen Utility Board Citizens Utility Board city closings Clothes 4 Work CMAP ComEd Community Development of Block Grant contact tracing cooling centers coronavirus cost savings council county county board chairs County Executive Denise Winfrey County Executive Larry Walsh County Office Building covid covid-19 C-Pace Curt Paddock Danette Krieger David Dubois Deborah Alexander Deirdre Manigo Denise Winfrey Diane Brozman digital safety Director Curt Paddock distressed Dr. L.P. Schild drive-through job fair early voting Earth Day Earth Flag Awards Eastside Green House economic development Eden Community Garden electronic recycling electronics recycling Emergency Management Agency employment energy conservation energy efficiency Erin Kohl Ethics Adviser Executive Jennifer Bertino-Tarrant extreme heat federal fees financial savings fiscal health flu food bank forklift drivers Frankfort Township Friends of Sunny Hill funding future gardening Gertrude Hoover Green Team groundbreaking Harold Damron health Health Department healthcare heroin legislation forum hero helps addiction trea Historic Preservation Commission holiday bazaar holiday gift show and luncheon holiday string lights holidays hospital Household Hazardous Waste HVAC IDPH Illinois Extension Service Illinois Recycling Foundation insulation interview Janine Farrell Jason Holicky Jeff Hubrich Jennifer Bertino Tarrant JJC City Center Campus Joan O'Keefe job creation job fair job search jobs John Greuling John Ocansey Joliet Joliet Arsenal Development Advisory Board Joliet Mayor Bob O'Dekirk Joliet Park District Joliet Slammers Joyce Parker Judge David Carlson Karen Sorbero Kathy Pecora Land Use Department Larry Walsh Lauren Staley Ferry Lewis University library lighting fixtures liquor license Madison Curran maintenance Marta Keane Marth Sojka mask material handlers mechanic Melissa Hemzacek Memorial Day Midwest Classics on 66 Museum Midwest Renewable Energy Association Mike Bell Mobile Workforce Center Monee Park District Monee Township Moody Investor Service mortgage assistance Moving Will County municipal Music and memory NACo National Hookup of Black Women National Recycling Coalition nctv 17 neuter/spay new year's day Nick Palmer non profit Northeastern Illinois Organix Pam Rodriguez pandemic paper shredding Pastor Dwayne Barfield Penny Curran permits Pilcher Park Pilcher Park Nature Center Plainfield United Methodist portal Prairie State Legal Services public building pumpkin composting Pumpkin Pitch quarantine rating Recyclepalooza recycling registration renewals rent assistance residents Resource Recovery and Energy Resource Recovery and Energy Division resume Resume Gallery Rethink Water campaign ribbon Rolonda Mitchell rural historic structures Samantha Bluemer Savers Savers. WJOL school bus driver school garden Scott Slocum security officers Seeds of Change Grant Program seniors Sharefest sick sign language skills solar solar group buy Solarize Chicagoland Spirit of Community Caring Award St. Vincent DePaul Standard and Poor's stay home Sunny Hill Nursing Home Sunny Hill Nursing Home of Will County Susan Flessner Susan Olenek swimming pools taxpayers Ted Slowik testing textile collection textile recycling The Daily Southtown The Friends of Sunny Hill Inc. thermal Three Rivers Association of Realtors Tim Anderson tire collection USAgain vaccinations vaccine veterans Veterans Day vision and hearing screening vow renewal warming centers Warren-Sharpe Community Center Washington Township Wayne Breitbarth We Will Grow Garden Program weather related closings West Nile Virus will Will County Will County Board Will County Center for Community Concerns Will County Clerk Will County Executive Denise Winfrey Will County Executive Jennifer Bertino-Tarrant Will County Executive Larry Walsh Will County Executive Larry Walsh Midwest Renewabl Will County Farm Bureau Will County Health Department Will County Historic Preservation Commission Will County Land Use Department Will County Office Building Will County Office Buildng Will County TB clinic Will County Veterans Affairs Commission Will County Workforce Center Will County Workforce Services Division William E. Young School WJOL Workforce Center of Will County Workforce Investment Board Workforce Services Division Workforce Services Division of Will County Workforce Services Division releases November work workshops Youth Provider Workshop