In June of 2017, the Treasurer coordinated the sale of the County's Series 2017 Tax Notes, issued in the principal amount of $168,300,000. This amount was used to fund the 2016 delinquent tax owed to local taxing jurisdictions (and forwarded to the Treasurer for collection) so that they have additional funds to provide municipal services. Collections by the Treasurer on the 2016 delinquent tax bills will be used to pay off the Series 2017 Tax Notes. (Tax Note sales are done annually to fund the previous year's delinquent taxes.)
Due in part to the active community outreach efforts, the availability of various payments plans, and convenient payment options, the collections on the 2016 delinquent tax bills have been strong and as of October 1, 2018, only $47, 870,000 of the 2017 Tax Notes remained outstanding.
Due to the strong tax collections and the improved credit rating of the County, the Treasurer was able to refinance the balance of the 2017 Tax Notes at a rate that was approximately 1.45% below the original rate on the 2017 Tax Notes. By way of illustration, the actual dollar saving on the November 1, 2018 interest payment on the 2017 Tax Notes was $57,675 and the actual dollar savings on the December 1, 2018 interest savings will be $55,511. Through final payment on the 2017 Tax Notes (July 1, 2019), the cumulative savings resulting from the refinancing of the 2017 Tax Notes will be approximately $268,000. This saving will further strengthen the Revolving Fund and the decreased interest rate will inure to the benefit of the taxing jurisdictions in the County.