REFINANCING THE BOND...AND MORE!

 

Here is a Daily Local News article on West Vincent refinancing their debt.  http://www.dailylocal.com/article/20120316/NEWS01/120319626/west-vincent-oks-debt-refinancing&pager=full_story

West Vincent's Bond Rating is based heavily on the value of real estate and earnings of residents. The rating is Moody's Aa3, the equivalent to Standard & Poors AA- rating. Remember when the US was dropped to AA+ and shocked the citizens? This rating is two BELOW that rating.

If you recall, West Vincent Township acquired a lower interest rate, then borrowed all of the money saved (a savings of over 9% of the principal according to my calculations), PLUS ADDITIONAL MONEY to do projects in the township. Why? Because the Supervisors said the money was cheap to borrow. But was it a very good idea?

Read more.....

 

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