The Jefferson County commissioners approved an ordinance to rewrite the county’s debt on Tuesday, which includes a bond issue and several loans that are currently on the books.
According to the Punxsy Spirit, Chief financial consultant, Jeff Lynch said, they’re restructuring the 2012 bond issue, they also have three other notes. Lynch said the objective is to reduce the interest so the debt service payments will be lower going into the next few years.
Joe Muscatelli, a member of the finance team, said the county received an A-plus rating from credit rating agency, Standard and Poors. He said the lower the interest rate, the lower the cost of municipal insurance and noted an A-plus has about a $25,000 difference in cost from an A-minus.
Muscatelli said the insurance guarantees the payment of the bonds.
Jack Matson, commission chairman said they were able to get their bond rating up to AAA-plus which is three positions ahead of their last A-minus rating.
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