Improvement Authority Refinances Bonds, Saves $491,000

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MIDDLESEX COUNTY –The Middlesex County Improvement Authority will save $491,236 as a result of refinancing bonds for the Meadows at Middlesex Golf Course, according to Deputy Freeholder Director Christopher D. Rafano, chair of the county’s Administration and Finance Committee.

The Improvement Authority received a 3.24 percent net interest rate on the $4.755 million in Revenue Refunding Bonds it guaranteed through Middlesex County. The county maintains a AAA bond rating from Standard and Poor’s rating service. By guaranteeing the bonds through the county, the improvement authority was able to take advantage of lower rates that accompany the county’s bond rating.

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“The successful rate is highly competitive and is indicative of the confidence accorded by the financial markets to Middlesex County, recognizing the county’s financial strength,” said Rafano, freeholder liaison to the improvement authority.

“Standard and Poor’s rating service affirmed our AAA rating and that means we can borrow at a substantially lower rate than roughly 98 percent of governmental entities in the nation. In this case, it also means $491,236 in savings for our tax payers.”


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