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Molinaro Says Refinancing Dutchess County Bonds Could Save $1.2 Million

Dutchess County Executive Marcus Molinaro says refinancing the county's older bonds could save about $93,000 a year.
Dutchess County Executive Marcus Molinaro says refinancing the county's older bonds could save about $93,000 a year. Photo Credit: Skip Pearlman

POUGHKEEPSIE, N.Y. -- Dutchess County legislators are weighing a measure that could ultimately save taxpayers $1.2 million, according to an announcement from the county executive’s office.

County Executive Marcus Molinaro said existing Dutchess County bonds -- originally issued in 2007 and 2008 at interest rates ranging from 4.125 percent to 5.00 percent -- are candidates for refinancing at lower interest rates for their remaining 13 years.

Reissuing the bonds will save about $93,000 a year, which translates into a total savings of $1.2 million.

Molinaro said the county’s bonds “are very attractive in the investment market thanks to our strong AA+ bond rating.”

Refinancing the older bonds will help the county’s “fiscal stability” as well as enable it to cut the tax levy, rebuild its fund balance, and “secure one of the top bond ratings in New York State," the county executive said.

Bond refinancing is a key management practice, said Angela Flesland, chairwoman of the Legislature’s Budget, Finance and Personnel Committee.

Such practices, she added, “ensure we are being as efficient and prudent with taxpayer dollars as possible.”

The measure was to be discussed at 7 p.m. the Legislature’s Monday meeting.

Legislators are likely to vote on the bond issue at their June meeting.

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