Hamilton County went to the bond market Tuesday morning to finance $195 million in capital projects. Seven financial institutions bid on the right to buy the bonds and the winning bid was by Citigroup Global markets.
Citigroup submitted a winning interest rate of 2.65 percent.
PFM Financial Advisors Managing Director Lauren Lowe said, “We are very pleased with the results of this morning’s bidding, this is a terrific rate in today’s current interest rate market.”
County Mayor Jim Coppinger was also pleased with the winning rate bid, calling it a great win for Hamilton County. “This allows us to move forward with the capital projects that are needed for our schools as well as public safety needs.
County Mayor Coppinger plans to use the money for $110 million in capital projects for the department of education which includes the construction of two new schools and other school projects. Public safety will receive an infusion of $20 million and the mayor plans to retire $55 million in variable rate debt that has been used for education.
Included in the bond issue is a refunding of $4 million of debt. County Mayor Coppinger points out this will save Hamilton County taxpayers over $300,000. “This is another example of our conservative fiscal approach to governing as evidenced by our recent Triple-A bond rating by three major bond rating agencies.” County Mayor Coppinger also added, “We know this is not our money, but the taxpayer’s money and we are dedicated to using that money in the best possible way to benefit our residents.”
The bond transaction will be completed at the end of the month.