Lebanon County Commissioners received the very good news last Thursday that the municipal bonds sold on its behalf to fund the new department of Emergency Services Headquarters and 911 Center were scooped up when they went to market.
Jay Wenger, managing director of Susquehanna Group Advisors, told commissioners they priced the bonds for a Tuesday, November 23rd sale and it turned out to be a good move:
The bonds yielded 42.5-million dollars at an interest rate locked in at 2.415% for 25 years. They have an eight year call, which means they can’t be refinanced until at least 2029.
Chairman Commissioner Bob Phillips asked Wenger why any future Board of Commissioners would ever want to refinance them?
Wenger said it’s all about the interest rate:
The bond sale will close on December 16th.