County sells nearly $37 million in bonds

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From staff reports

Beaufort County recently sold nearly $37 million in general obligation bonds at the lowest interest rate the County has seen in recent history.

This means the County was able to maximize its borrowing power, saving taxpayers considerable money on capital improvement projects and rural and critical lands projects.

On August 12, the County received nine competitive bids for $36,775,000, 20-year general obligation bonds.

The bonds were awarded to Fidelity Capital Markets at a true interest cost of 1.33 percent, which was the low bid.

The proceeds of the bonds will be used for capital projects around the county that will improve facilities and enhance services, and for the continuation of the Rural and Critical Lands program.

Prior to the sale, Moody’s Investor Service and Standard & Poor’s — municipal bond credit rating agencies — affirmed the County’s underlying bond ratings of “Aa1” and “AA+” respectively. The rating agencies cited the County’s strong financial management, healthy reserves, large and growing tax base and above average wealth indicators as positive credit factors.

This year’s rate of 1.33 pecent is the lowest the County has seen in recent history.

The excellent ratings received reflect the County’s sound financial management practices and the strong financial position of Beaufort County.

“This is the best possible bid we could have hoped for, so this is great news for our taxpayers,” Beaufort County Administrator Ashley Jacobs said in a release. “This furthers my efforts to improve the county’s financial position and Beaufort County for investment and growth.”

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