Hamilton County went to the bond market this week to finance $195 million in capital projects. Seven financial institutions bid on the right to buy the bonds. Citigroup Global submitted a winning interest rate of 2.65 percent.
PFM Financial Advisors Managing Director Lauren Lowe says, “We’re very pleased with the results of the bidding. This is a terrific rate in today’s interest rate market.”
County Mayor Jim Coppinger was also pleased with the rate, calling it a “great win” for Hamilton County. He plans to use $110 million to build two new schools and finance other Department of Education projects. Public safety will receive an infusion of $20 million, and the mayor plans to retire $55 million in variable rate debt that has been used for education.
Included in the bond issue is a refunding of $4 million of debt. Coppinger says this will save Hamilton County taxpayers over $300,000.
“This is another example of our conservative fiscal approach to governing as evidenced by our recent Triple-A bond rating by three major bond rating agencies,” Coppinger adds, “We know this is not our money, but the taxpayer’s money, and we’re dedicated to using it in the best possible way to benefit our residents.”
The bond transaction will be completed at the end of the month.
Office of the County Mayor