OCGOV Home Living & Working Law & Justice Health & Human Care Doing Business Board of Supervisors Agency Directory Jobs Search
Orange County Government Online
Quick Jump Menus


Online Services | OC Links | OC Info | News | Contact | OC Directory | FAQs | Sitemap |   
left top scan lines curve
Left bottom scan lines

PRESS RELEASES
2008 Blue arrow down
2007 Blue arrow down
2006 Blue arrow down
2005 Blue arrow down
2004 Blue arrow down
2003 Blue arrow down
2002 Blue arrow down
2001 Blue arrow down
2000 Blue arrow down
1999 Blue arrow down
1998 Blue arrow down
1997 Blue arrow down
1996 Blue arrow down
1995 Blue arrow down
Press Release
Orange County Logo COUNTY OF ORANGE

CEO Media Relations
FOR IMMEDIATE RELEASE
August 18, 2005
Contact: Diane Thomas-Plunk
714.834.6203

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.”

 

#####

 
PrivacyDotLegalDotADA