At tonight’s McHenry County Board meeting, besides voting on the tax levy for next year, the members will vote to re-finance bonds.
The following information was sent to County Board members last night, but I can’t find it on the County web site:
At the Tuesday, November 18 meeting, the County Board will be asked be asking to consider the refunding of two outstanding debt issuances. Last week, the Finance & Audit Committee unanimousely approved with moving ahead with the refunding, but asked for a little more detail on the costs associated with the refunding.
The below information is being provided to show the use of Funds, the issuance cost to be incurred, and the debt serve savings to be recognized upon County Board approval of the refunding of the 2006 (Animal Control Facility, Performance Contracting with Siemens, and the refunding of the 2002-B Debt Certificates) 2007-B debt certificates (Road Improvement Projects).
Upon County Board approval, the refunding of the 2006 and 2007-B debt certificates (Road Improvement Projects).
Upon County approval, the refunding of the 2006 and 2007-B debt certificates will create a net savings of $1,019,000 in future debt service. This savings includes the cost of issurance.
Source of Funds to be Received: |
|
| Par Value of Bonds Reoffering Premium |
$16,495,000.00 |
Use of Funds to be Received: |
|
| Current Refunding of Series 2006-B |
$4,490,000.00 |
| Current Refunding of Series 2007-B |
$11,850,000.00 |
| Underwriters Discount |
$49,300.00 |
| Costs of Issuance – detailed below |
$97,352.00 |
| Residual Proceeds |
$8,348.00 |
Total Use of Funds |
$16,495,000.00 |
Costs of Issuance: |
|
| Bond Counsel |
$40,000.00 |
| Disclosure Counsel |
$20,000.00 |
| County Special Assistant State’s Attorney |
$16,000.00 |
| Bond Rating Agency |
$17,500.00 |
| Escrow Verification |
$1,500.00 |
| All other miscellaneous costs |
$2,352.00 |
Total Costs of Issuance |
$97,352.00 |
Savings calculations are based on County remaining a Aaa rated agency.
Was a similar document issued to the McHenry County Conservation District Board Members in their recent refunding?
Would be nice to also have the name of the Underwriter, Bond Counsel, Disclosure Counsel, & Bond Rating Agency included.
From a taxpayers perspective, there is no reason this information should not be on the taxing district website.
Sure it might not be required by law to be prominently displayed, easily identified, and easy to find, but it’s valuable information for taxpayers to understand how the process works.