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The original item was published from 5/23/2014 11:36:52 AM to 5/23/2014 11:45:02 AM.

News Flash

County Judge

Posted on: May 23, 2014

[ARCHIVED] COUNTY SAVES OVER 1 MILLION IN TAXPAYER DOLLARS ON BOND REFUNDING; BOND RATING IMPROVES

Parker County’s recent financial move to refund the county’s series 2005 tax certificates has resulted in savings of over $1 million in taxpayer dollars.
On April 28th the Parker County Commissioners Court voted unanimously to direct the county’s financial agent First Southwest Company to make the move.
The refunding issue achieved total present value savings equal to 7.284% of the $12,105,000 refunded amount.
Average annual savings will be $95,751 from 2015 through 2025, with total debt service savings through the life of the refunding issue being $1,053,256.
“We were able to take advantage of a historically low taxable interest rate environment,” County Judge Mark Riley said. “The court, the Auditor’s office, and I work hard with our financial team to make the prudent and conservative moves to be good stewards of our tax dollars.
Riley said the great financial news continued with S&P Rating Company upgrading Parker County’s bond rating from AA- to AA, and Fitch Rating assigning the county a AA rating, which is the same as its previous rating.
“Our continued financial stability is due in a large part to the contributions and work ethic of the County Auditor Mike Rhoten and his staff,” Riley said.
First Southwest said they congratulated the county on being assigned a rating of AA by Standard & Poor’s, AA by Fitch Ratings, and being able to take advantage of market condition to achieve the refunding savings.

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