WilCo Saves $25.3M After Debt Service Refunding

Round Rock TX

03 February, 2021

12:26 PM

Description

WILLIAMSON COUNTY, TX — Williamson County saved more than $25 million after recently refunding more than $193 million in debt service, officials announced Wednesday. The savings were derived after more the refunding of some $193.43 million in debt service, officials explained in an advisory. Dan Wegmiller with Specialized Public Finance reported that by refunding existing debt, interest rates were lowered from between 3 percent to 5 percent to between 0.612 percent and 1.196 percent — yielding a savings of $25,266,879, officials said. Williamson County also affirmed its AAA bond ratings from both Fitch Ratings and Standard & Poor's Ratings Services. The rating reflects the strength of the management of the county, strong local economy, and strong budgeting. "Williamson County continues to experience strong economic growth. That combined with its conservative approach to budgeting and management has helped the County maintain its AAA bond rating," First Assistant County Auditor Julie Kiley said in a prepared statement. "It is the AAA bond rating that allows us to take advantage of these incredibly low-interest rates." Since 2004, officials said, Williamson County has saved $57.5 million through paying debt off early and $103.3 million in interest costs through 18 refinancing opportunities.