Initiative saves tax dollars
White Cloud, Michigan – Newaygo County is pleased to announce the successful refunding of its outstanding Series 2009A Unlimited Tax General Obligation Bonds which were issued in December 2009 to finance expansion of the Newaygo County Jail. In November 2020, the County will complete its issuance of $2,595,000 Series 2020 Refunding Bonds to refund the outstanding Series 2009A Limited Tax Building Improvement Bonds and pay the costs of issuing the Series 2020 Bonds.
This initiative, allowing the County to take advantage of historically low municipal bond interest rates, is a prime example of the ongoing efforts put forth to protect and maintain the fiscal health of the County. Kudos to Treasurer Moon, Administrator Wren and their respective staff members for the innovative thinking that allowed this idea to come to fruition.
Given the current low interest rates, the County was able to achieve a savings to the County of $163,844 with this re-financing. The true interest rates on the Series 2020 Refunding Bonds is 0.79%. The savings will provide lower debt costs until the final maturity of July 1, 2025.
It’s always exciting to participate in an effort to save tax dollars,” said County Treasurer Holly Moon. “The County’s strong credit rating coupled with the current low interest rates translated to an attractive outcome for our citizens.”