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Tedesco: Bergen County Saved Taxpayers $1 Million

Bergen County Executive James Tedesco.
Bergen County Executive James Tedesco. Photo Credit: Lorraine Ash

HACKENSACK, N.J. – Bergen County saved $1 million by refinancing obligation and school bonds worth $30.5 million, and will pass the savings onto taxpayers through improved services, Bergen County Executive Jim Tedesco announced Friday.

The county took advantage of an expiring provision in the tax law related to advance refunding of municipal bonds set to expire at the end of 2017, he said.

In addition, Moody’s Investor Service, one of the nation’s largest bond rating agencies, recently reaffirmed the county’s Triple A rating.

“This is wonderful news for Bergen County taxpayers because it allows us to get the best rates on the refinancing of general obligation and school bonds – saving our county a substantial amount of money every year that can be used to better improve services,” Tedesco said.

A Triple A bond rating means the county has exceptional credit worthiness and can get the lowest interest rates when borrowing, which allows for lower costs to finance capital projects, Tedesco said.

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