Bonds sold to pay Pinal pension debt
by Mark Cowling | Maricopa Monitor
Interim County Manager Leo Lew reported Wednesday that Pinal County has closed on a bond issue to pay its pension debt.
The county was able to secure a 2.61% interest rate, which will save taxpayers $69 million over a 20-year period, “solving a problem for those who will follow us” in county government, he said.
The county’s bond underwriter previously estimated savings of $47.6 million in “present-value dollars,” or stated another way, almost $67 million in savings over the next 22 years. The county also received an updated default credit rating of AA for its bonds, which is “very strong,” Lew said.
