Kenton County Saves $3.2 Million in Bonds Refinancing
Kenton County taxpayers will save $3.2 million through the refinancing of bonds in a transaction structured by Ross, Sinclaire & Associates, LLC (RSA), a news release said.
Cincinnati-based RSA served as the municipal advisor to the Kenton County Fiscal Court on the $27.225 million Kenton County General Bonds issue, which were used to refinance Kenton County Detention Center Bonds that were issued in 2009.
The Series A Bonds, rated Aa2 by Moody's Investors Services, were sold competitively on Sept. 20 at a true interest cost of 2.56% and a final maturity of 2034.
"The final maturity date remained the same and the interest rate was lowered, producing more than $3.2 million in savings for Kenton County taxpayers," said RSA Financial Advisor Joe Lakofka, who works in RSA's Lexington office. "This is an example of how RSA works with local governments across Kentucky to help officials manage their finances and save taxpayers money."
RSA also served as the municipal advisor to Kenton County on the $31 million bond issue that will be used to pay for costs associated with construction of the Kenton County administration building that is under construction of the site of the former Bavarian Brewery in Covington.
The Series B bonds were sold at a 3.24% true interest cost and a final maturity of 2047.
Kenton County Judge-executive Kris Knochelmann said RSA served as a valued and trusted adviser on the bond issues.
"RSA provided tremendous expertise and execution in each of the county's bond issues while saving the taxpayers of Kenton County more than $3 million," Knochelmann said. "Our community greatly benefits from working with the experienced professionals at RSA."
Photo: Bavarian site where new Kenton Co. Administration Building will go (RCN file)