Ulster County to save $4 million by refunding bonds

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KINGSTON – Ulster County will be able to save $4 million over the next nine years by refunding existing bonds and refinancing them at more favorable terms to record low-interest rates, County Executive Patrick Ryan announced.

This year, the county is expected to save $400,000 with additional savings being realized over the next decade.

tandard & Poor’s latest financial review of the county in November, it cited “strong management, with good financial policies and practices.” The agency said despite strong economic headwinds due to COVID-19, the credit rating and funds saved through refunded bonds reaffirmed the county’s ability to respond to the pandemic and economic pressures while continuing to provide superior services for residents.

“Ae we continue to emerge from the devastating impacts of COVID-19, I am proud that our strong financial footing has allowed us to continue to deliver on essential services while saving taxpayer dollars,” said Ryan. “The refunding of these bonds will save taxpayers millions at an essential moment as we continue to reinvigorate our economy and invest to meet the growing needs of our residents.”

 




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