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Posted on: October 14, 2020

Refinancing Affirms AAA Status, Saves Over $3 Million

checkbook red

The saying goes that good news comes in threes.

It also doesn’t hurt when there are a few “threes” in that news.

The Township could save more than $3 million through the refinancing its General Obligation Bonds, Series of 2011 and General Obligation Bonds, Series of 2012.

And, through that refinancing, the Township learned it maintains a Aaa bond credit rating from Moody’s Investors Service. The organization analyzes debt obligations and assigns a rating based on a variety of factors. An Aaa rating is considered the highest quality and indicates the lowest level of credit risk. It is held by a small number of municipalities in the state.

That savings is thanks to some opportune timing as those bonds are called, allowing the Township to take advantage of historic low interest rates.

The Board of Supervisors approved PNC Capital Markets LLC, as Investment Banker, and Dinsmore & Shohl LLP, as Bond Counsel, to prepare the bonds to be refinanced, with approval expected at the Thursday, October 29 meeting.

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