(New Hanover County)– New Hanover County Finance Department successfully closed on the sale of general obligation bonds on August 27, 2015. With the sale, the county sold $83.3 million in bonds which generated the goal of $92 million. The County was able to obtain bond premiums of over $9.1 million because of the county’s high credit rating.
Proceeds will fund capital projects for New Hanover County Schools and Cape Fear Community College. The funds will allow for various school renovations to be completed, the construction of one new elementary school, and a new community college classroom and training facility.
Because of the county’s high bond rating, which is the highest that can be obtained from rating agencies, (Aaa from Moody’s Investors Service and AAA from Standard & Poor’s Ratings Services) the interest cost on the bonds were approximately 2.28%. The first payment on this debt this fiscal year came in under amounts budgeted due to this low interest cost.