Contact: Dan Heaton
FOR IMMEDIATE RELEASE
September 25, 2019
MCPWO Re-Fi’s Save $11.1 Million
Macomb County residents will save $4.4 million over the next several years thanks to the refinancing of several bonds by the Macomb County Public Works Office.
MCPWO is in the process of refinancing four bonds, all of which were used to pay for sewer work in various Macomb County communities. Together, the savings in lower interest rates will total $4.4 million. In 2017, MCPWO also refinanced several bonds, saving $6.7 million. Together, Macomb County sewer ratepayers have realized a savings of $11,100,000 in finance costs since Commissioner Candice S. Miller took office in January 2017.
“We continue to work every day to ensure that we not only provide the best possible service to our residents, but we do so in the most cost-effective manner,” Miller said. “My team and I continue to review every aspect of our operation, looking for ways to either to enhance our service and to lower the cost to our residents. Nobody ever complains about a little extra change in your blue jeans.”
In the current round, MCPWO is re-financing four bonds:
- A 2006 bond for the North Gratiot Interceptor. The re-fi will save Lenox Township and New Haven residents about $290,000.
- A 2010 bond for the Lake St. Clair Clean Water Initiative. The re-fi will save residents of St. Clair Shores, Roseville and Eastpointe a combined $600,000.
- A 2011 bond that paid for upgrades to the Clintondale Pump Station in Clinton Township. The re-fi will save sewer rate payers $3.2 million spread over 11 Macomb County communities.
- A 2010 bond that paid for upgrades in the Oakland-Macomb Interceptor District. The $300,000 in savings will be spread among 11 Macomb County communities and 12 in Oakland County.
Some of the refinance savings will be refunded to the various communities. Part will be used to pay for upcoming improvement projects, negating the need for a possible future rate increase.
MCPWO completed a key step in the refinance process on Wednesday, Sept. 25, when the Macomb County Board of Commissioners voted to pledge the “full faith and credit” of the county as a whole to back the bonds.
“The Board of Commissioners, as a whole and as individuals, have been very engaged with our office. Asking questions and taking an interest in our operations. We appreciate their input. MCPWO continues to work to build partnerships at every level of government,” Miller said.
21777 Dunham Road, Clinton Township, MI, 48036