2008 News

October 31, 2008

Another Case of Superb Fiscal Management: Commissioners Announce $5.4 Million Bond Savings

Over the past several months, Bucks County Finance Director Brian Hessenthaler has collaborated with the county commissioners, chief operating officer, various bank officials, financial advisors and legal counsel to monitor conditions most favorable to issue $55 million worth of bonds. The bonds will be used to fund several county projects, including $25 million for open space preservation and $14 million for the new county parking garage on Broad St. in Doylestown Borough.

Early this week, Hessenthaler and his staff decided to capitalize on the county’s consistently solid fiscal status.

Through the underwriting of PNC and Wachovia Banks, the counsel of Curtin and Heefner, and the advice of PFM, the county’s financial advisor, Bucks County will save taxpayers more than $5 million over the life of the bonds. Additionally, the county has refinanced $11 million of a 1997 bond issue, which will save taxpayers $470,000 – to be reflected in the fiscal year 2009 budget.

“Our ability to go out and do this now in a tough economy is a reflection of our conservative approach,” Hessenthaler explained. “In an environment where people took a lot of chances, we did not do so. Bucks County government isn’t going anywhere. It is a good investment.”

According to Hessenthaler and Chief Operating Officer/Managing Director David Sanko, the rate of savings over the life of the refinanced bond rose from just over one percent to better than four percent due to changes in recent market conditions.

“We are committed to doing our best for the taxpayers of Bucks County,” Commissioner Chairman Jim Cawley noted. “This bond issue reflects that commitment.”

During the past calendar year, Bucks County government has cut the ribbon and opened various new capital facilities, including the county’s first-ever centralized Forensic Facility, state-of-the-art 911 Communications Center, Upper Bucks Government Services Center, Class-A Fire Training Facility, three district courts and a pair of bridges. Furthermore, during 2007 and 2008, Bucks County taxpayers did not face any increase in county taxes.