By Ben Stanley
Rockford Register StarPosted Aug. 24, 2015 at 11:48 AM
Updated Aug 24, 2015 at 3:11 PMBELVIDERE — Recently refinanced bonds could save Boone County taxpayers nearly $400,000 over the next 12 years.The Boone County Board voted this month to refinance 2008 bonds used for the Boone County Courthouse and Logan Avenue building projects. Bond interest rates will drop from 4.55 percent to 2.57 percent, reducing the county's debt burden."It's like a mortgage on your home," said Boone County Administrator Ken Terrinoni. "You get rid of your old mortgage and you take on a new one, but your interest rate is lower."Terrinoni said the county's strong Moody's bond rating of Aa2, the credit rating organization's third-highest score, helped lower the rates.According to a summary of the county's credit rating posted on Moody's website, Boone has "healthy reserves," a "strong and conservative" management team, and "manageable exposure" to unfunded pension liabilities. If the county's tax base continues to erode, however, the rating will likely fall.Ben Stanley: 815-987-1369; bstanley@rrstar.com; @ben_j_stanley
Boone County refinances bonds to save nearly $400,000 - News - Rockford Register Star - Rockford, IL
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