In a strategic financial move, the Town of Leesburg has successfully sold over $23 million worth of refunding 2015 Series General Obligation Bonds, securing a remarkable 4.02% savings rate and paving the way for substantial debt payment savings over the next 12 years. This achievement underscores the town's commitment to fiscal responsibility and its unwavering dedication to providing the best possible outcomes for its residents.

Unlocking Substantial Savings for Leesburg's Future

Maximizing Debt Savings Through Prudent Refinancing

The Town Council's decision to authorize the refunding bonds was driven by a clear goal: to achieve a net present savings of at least 3%. By surpassing this target and realizing a 4.02% savings rate, the town has secured debt payment savings of more than $1.27 million over the bond's 12-year lifespan. This strategic move not only reduces the financial burden on Leesburg's taxpayers but also frees up resources that can be redirected towards critical infrastructure projects, community initiatives, and other vital services.

Attracting Competitive Bids and Maintaining Stellar Credit Ratings

The successful bond sale was marked by a remarkable level of interest, with 18 bidders participating – the highest number in the town's history. This strong demand is a testament to Leesburg's unwavering fiscal discipline and its commitment to sound financial management. Furthermore, the town's ability to maintain a triple-A credit rating from all three major rating agencies, Standard & Poor's, Moody's, and Fitch, since 2015 has been a crucial factor in securing favorable terms and attracting investors.

Leveraging Expertise and Securing the Best Deal

The selection of TD Securities as the winning bidder was a strategic decision based on their ability to offer the lowest true interest cost among the 18 bids received. As a leading Canadian investment bank with a global reach, TD Securities' expertise and market insights played a pivotal role in ensuring that Leesburg secured the most advantageous terms for its bond refinancing. This collaboration between the town's financial team and the investment bank has yielded tangible benefits for the community.

Reinforcing Leesburg's Commitment to Fiscal Responsibility

Leesburg's Chief Financial Officer, Owen Snyder, emphasized that the successful bond sale and the strong interest from bidders are a direct reflection of the town's unwavering commitment to fiscal responsibility. By adhering to its strict fiscal policies and maintaining a disciplined approach to financial management, Leesburg has demonstrated its ability to navigate complex financial landscapes and deliver tangible benefits to its residents.

Unlocking New Opportunities for Leesburg's Future

The proceeds from the bond refinancing will be used to refund bonds purchased in 2015 to cover construction projects, effectively reducing the town's debt burden and freeing up resources for future investments. This strategic move not only enhances Leesburg's financial flexibility but also paves the way for new opportunities to address the evolving needs of the community, whether it's upgrading infrastructure, enhancing public services, or supporting local economic development initiatives.In conclusion, Leesburg's successful bond refinancing is a testament to the town's financial acumen, its commitment to fiscal responsibility, and its unwavering dedication to providing the best possible outcomes for its residents. By unlocking substantial debt payment savings and maintaining its stellar credit rating, Leesburg has positioned itself for a future filled with new possibilities and continued prosperity.