FLORENCE — 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.
During the Board of Supervisors meeting, Lew also took a moment to honor the Pinal County managers he had worked for — Fritz Behring, Greg Stanley and Louis Andersen — who “have shaped the county into the high-performing organization that we have today.”
Andersen, who had been Pinal County manager for a little more than a year, resigned with no comment last week.