High Demand for County Bonds Results in Significant Savings
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Dare County's 2016A Limited Obligation Bonds (LOBs) were sold on May 23, one week earlier than scheduled, to take advantage of favorable market conditions. There was high demand for the Dare County bonds -- $37.4 million in orders for the $11.6 million offering. This enabled yields to be lowered which resulted in debt service savings of over $342,000 (6.52%).
Prior to the bond issuance the credit opinion from Moody's Investors Service credited Dare County for practicing conservative budgeting and maintaining formal fiscal policies. The report also pointed to the County's strong reserves and liquidity as financial strengths.
"This refunding represents the most recent example of Dare County's prudent approach to managing finances and saving our taxpayers' money," said Bob Woodard, Chairman of the Dare County Board of Commissioners.
The Series 2016A LOBs include refunding of the Series 2007 COPs for debt service savings and funding for the Regional Emergency Communications Center not covered by grant funds.