Rensselaer County Executive Kathleen M. Jimino has announced that the County will proceed with a plan to refinance current debt and save the County over $1.2 million without extending the life of the bonds. This would be achieved by refinancing the current debt of approximately $12 million at a rate that is expected to be 2.2% as opposed to the 4.22% currently paid in interest.
Under a directive from the NYS Commission on Corrections the County was required to add an additional 192 cells to the jail. To pay for the required expansion the County borrowed nearly $50 million over the course of four years to complete the construction project that also included expansion of the kitchen facilities, services area, locker rooms for Corrections Officers as well as upgraded security features and the existing jail facility. The construction project was completed in the fall of 2011.
“Our efforts to cut costs and adhere to strict fiscal controls has been recognized by bond agencies,” said Jimino. “They have raised our rating, which gives us a better interest rate”
In April of 2014 Standard and Poors raised the County’s bond rating by stating, “We view the County’s management conditions as strong with good financial practices”. According to Standard and Poors any entity achieving an “AA” rating means they have a “Very strong capacity to meet financial commitments”.