Council Approves Savings for Taxpayers

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March 1, 2004

Council Approves Savings for Taxpayers
Bond Sales Takes Advantage of Lower Interest Rates

The Metropolitan King County Council today unanimously approved a bond refinancing measure reducing the costs that county taxpayers will pay on outstanding sewer revenue bonds.

“The County continues to look out for both taxpayers and our bond rating,” said Councilmember Larry Gossett, chair of the Council’s Budget and Fiscal Management Committee. “The council is acting now to take advantage of reduced interest rates, in a manner that saves taxpayers dollars and helps the County maintain its strong bond rating.”

Today’s action approves the sale of $61 million of sewer bonds that refinance bonds issued in 1999. Based on current rates, issuance of these new bonds will save taxpayers $4.1 million in interest payments. In 2003, similar refinancing saved King County $5.3 million.

“This is a sale that makes good fiscal sense,” said Council Chair Larry Phillips. “It’s also a reminder to taxpayers that King County explores every opportunity to save money by properly managing our finances. We’re working to make sure every public dollar is being used as wisely and efficiently as possible.”

Read more about this legislation on the King County Council’s LEGISEARCH system at http://mkcclegisearch.metrokc.gov and type in “2003-0305”