County saves bundle by combining two bonds
Financing was used for county’s Fuller Campus and 63rd District Court construction.
Kent County will combine two bonds issued almost a decade ago, the result of which should save the municipality $4 million.
The county will save the $4 million in interest payments when it combines two bonds originally sold in 2007 and 2008.
One of the bonds was a $27-million Building Authority Bond issued in 2007 for the Human Services Complex on Franklin Street SE. The other bond was a $14.3-million Capital Improvement Bond issued in 2008 for improvements at the Kent County Fuller Campus on Fuller Avenue NE and construction of the 63rd District Court, 1950 E. Beltline Ave. NE.
Interest rates have declined since the two issuances, allowing the county to offer the bond refunds. Along with the lower interest rates, the move is possible in part because of Kent County’s Triple-A bond rating, as well as the low interest rates.
The county received a Triple-A credit rating from S&P Global and Moody’s Investors Service in June, the 19th straight year of Triple-A ratings from the pair of agencies.
“When people ask, ‘Why is a Triple-A credit rating important?’ it’s great to be able to point to projects and issues like this and say, ‘Here’s one reason,’” said Daryl Delabbio, the former county administrator/controller who retired at the end of June.
Kent County Board of Commissioners Chair Jim Saalfeld gave credit to Delabbio and his staff, while Delabbio extended credit to Fiscal Services Director Steve Duarte and his staff.
“Darryl and his staff have provided great leadership over the past two decades, setting a solid foundation for economic policies and fiscal responsibility,” Saalfeld said. “This board is fortunate to have elected and appointed leaders that look for ways to deliver services in the most effective and efficient manner, saving our residents and businesses money in the long term.”