Putnam Officials Save Southeast and Other County Taxpayers $1.2 million by Refinancing Bonds

County Executive MaryEllen Odell announced that Putnam County closed on bond refinancing that will save local taxpayers $1.2 million.

Taking advantage of a strong Aa2 bond rating from Moody’s and favorable market conditions, the County refinanced bonds issued in 2007—which had the County paying a net interest rate of 4.25 percent—with bonds charging a net interest rate of 2.64 percent.

The savings will occur over the next 16 years.

“We are pleased that, once again, Independent Bond Rating agencies and investors have determined that Putnam County is a low-credit risk,” said Odell in a prepared statement. “Investors have continued to invest in Putnam County at favorable interest rates, saving our taxpayers millions of dollars.”

Odell pointed out that this is the third time her administration has completed bond-refunding transactions since 2012, which have saved taxpayers a total of $3.2 million. She also credited her colleagues in the Legislature who have helped make these refunding transactions possible.