News Flash

Executive - Press Release

Posted on: September 4, 2015

County Fully Disclosed 2015 Debt Issuance and Bond Refinancing

A recent story on wrongly stated New Castle County had never publicly announced $70 million in “new debt.” This statement is in error.

On December 9, 2014, County Council introduced and passed Resolution14-241, which authorized a maximum of $85 million in “New Money Bonds” and $121.39 million in bond refinancing, the “Refunding Bonds.” In compliance with Delaware’s Freedom of Information Act Open Meeting requirements, 29 Del.C. Section 10004(e)(2), R14-241 appeared on both the County Council Finance Committee and County Council Regular Meeting agendas at least 7 days in advance thereof. Chief Financial Officer Michael Coupe also discussed the County’s financing plans during the open, regular Council meeting. In short, any implication that the bond issuance and refinancing was “unmentioned” or needed to be “discovered” or “found” is incorrect.

On January 26, 2015, the County issued a press release entitled “AAA Credit Rating Assigned to County’s Upcoming $186 Million GO Bond Offering.” The press release stated “New Castle County is preparing for a $186 million general obligation bond issuance, which includes the refinancing of higher interest rate bonds to more favorable current market yields.”

Although New Castle County occasionally issues press releases highlighting administrative and legislative initiatives, these press releases typically supplement legally required public disclosures.

In fact, the County issued about $70 million in New Money Bonds, which was actually less than the authorized amount of $85 million. NCCo refinanced $119 million, saving $12.2 million in debt service payments.

Separately, the article incorrectly quoted the costs for changes in the treatment of sewer flows from the Middletown area. The cost of modifying the location for the treatment of certain sewer flows was approximately $2 million.


Additional Info...
Facebook Twitter Email

Other News in Executive - Press Release

Disaster Declaration Update

Posted on: October 27, 2021

WOW! What is going on with the sun?

Posted on: August 16, 2017

Holiday event canceled at Carousel Park

Posted on: December 5, 2016
Mannequin Challenge moment (3).jpg

Donations sought for prom gown giveaway

Posted on: November 15, 2016

“Year of the Senior Citizen” Declared

Posted on: February 11, 2016

County resumes normal operating hours

Posted on: January 26, 2016

Fishing begins at Glasgow Park

Posted on: November 16, 2015
Isaiah Thompson.jpg

Plummer Center Escapee Captured

Posted on: June 10, 2015

NCCPD Officers Help Choking Child

Posted on: May 10, 2015

Statement on Ordinance 15-015

Posted on: April 14, 2015

New Castle County Dog Licenses Due March 2

Posted on: February 25, 2015

County’s New Website Now Live

Posted on: March 18, 2014

New Castle County Dog Licenses Due March 1

Posted on: February 24, 2014