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Sept. 20, 2004
Capital bond sale reflects superior investment rating for King County
King County Executive Ron Sims today announced the sale of $82.4 million in Limited Tax General Obligation bonds which attracted a low interest rate based on the county's consistent success in conservative fiscal management.
The bond issue attracted competitive bids from a total of nine financial institutions. The winning bid of 4.19 percent from Wachovia Bank was just 4 basis points lower than the highest bid.
The bonds will provide long-term financing for several capital projects including the seismic retrofit of the King County Courthouse, the King County Regional Communications and Emergency Coordination Center, and the demolition of the North Rehabilitation Facility in Shoreline. Funds will also finance security and health projects at King County correctional facilities.
The competitive bid environment was spurred in part by the strong rating of AA+ by Standard and Poor's, and Aa1 by Moody's Investor Service, and means county taxpayers will save money over the life of these bonds.
"Once again King County's track record of solid management has resulted in a competitive bid offering and low interest rate," said Executive Sims. "This translates to better value for our customers, the residents of King County."
In making its rating, Moody's noted that the county has maintained a strong financial position despite economic recession and limited taxing authority. The county debt remains low because of the county's conservative approach to fiscal matters, which continues to produce positive fund balances, the report said.
The winning bid was approved by the King County Council on Monday.
Updated: Sept. 20, 2004
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