2005 News
October 19, 2005
Bucks County Saves With Bond Refinancing
Bucks County closed yesterday on a $56.2 million bond issue that
county officials say will be used to refund higher interest bonds
and finance several, important county projects.
Chief Operating Officer David M. Sanko said a savings of $2.023 million will
be realized by the refunding of outstanding higher interest bonds. Sanko issued
a report to the county commissioners, meeting today at the Churchville Nature
Center in Northampton Township.
He said the proceeds from the bond issue will be used to refinance bonds from
1997, 1998, and 1999 and, in addition; $22.1 million in new money will be earmarked
for the following projects:
- $6 million - Open Space and Natural Resources
Conservation Service. (NRCS)
- $5.1 million - Public Works
- $4 million - New Justice Center (related
costs)
- $2.5 million - Technology Upgrades
- $2.1 million - Corrections
Additional money will be directed toward other projects, such as
the planned county morgue in Warminster.
Finance Director Brian Hessenthaler said this is the lowest cost bond issuance
in recent memory. "The low issuance costs of the deal, combined with the savings
associated with the funding of the old debt, makes this a win-win situation
for the county," he added.