||COUNTY OF ORANGE
CEO Media Relations
FOR IMMEDIATE RELEASE
August 18, 2005
Contact: Diane Thomas-Plunk
Debt Refunding Saves County $505 Million
(Santa Ana, CA) – This morning at 8:30, the refunding of Recovery Bonds, Series 2005 A in the principal amount of $146 million closed successfully in the offices of County bond counsel in San Francisco.
Tuesday’s successful closing of the Lease Revenue Refunding Bonds, Series 2005 and today’s closing result in $505.3 million of debt service savings for the County. This produces a net present value of the debt service savings of $102.5 million less the amount of debt defeasance funds contributed by the County.
“By taking these prudent financial steps, there will be a savings to taxpayers of $4.7 million per year for the next 10 years ,” said Bill Campbell, Chairman of the Board. “At the end of the first 10 years, the taxpayer benefit jumps to approximately $41 million annually. The refunding of this debt is our contribution to the future financial well being of Orange County.”