OLYMPIA - Thurston County taxpayers have saved an estimated $1-million in debt service costs through the refinancing of a portion of the county's 1999 and 2002 bond issues together with financing capital improvements and new construction of public works and emergency management facilities. The County took advantage of the low interest costs with the Qualified Energy Conservation bonds designated for renewable energy and Build America Bonds, the taxable municipal debt created under last year's federal stimulus legislation.-30-
"Thurston County's strong credit rating combined with historically low interest rates have allowed us to save taxpayers financing costs by refinancing county debt and issuing new debt for these capital projects,' said County Commission Chair Sandra Romero. 'The County saved an estimated $1- million in debt service by refinancing a portion of the 1999 and 2002 bond issues. The County takes debt very seriously, but the lending environment makes this the most prudent step.' Saving a million dollars in interest over 20 years along with getting out from under nearly half a million a year in office leasing costs through construction of new buildings, convinced County Commissioners to take this step, she added.