In 2012, Will County Treasurer Steve Weber formally notified bondholders last week that his office will redeem $3,065,000 of 2001 General Obligation Bonds on May 1, 2012. Including Principle and Interest, the final payoff to bondholders will be $3,128,742, an all inclusive cost (yield) of 4.817%.
“It is refreshing news when government pays off debt rather than takes it on,” said Steve Weber, “I believe Will County continues to demonstrate that not only are we a safe place for investors but also an attractive place for business and industry to locate in Illinois.”
“This redemption shows how the county is a responsible steward of public money,” Weber added, “The County Executive’s finance department has managed its budget well; the County Board has been responsible in its oversight; and my office has managed its affairs so we have cash available to make this payment without selling any investment.”
Calling the “EMCO” Bond
The General Obligation Bond, Series 2001B, was a $5-million issue printed to pay for construction and remodeling of the Will County Courthouse Annex, more commonly known as the EMCO Building, on West Jefferson Street in Joliet. The County purchased the building in 2002 as home for new courtrooms as well as office space for the Will County State’s Attorney.
On March 15, 2012, the Will County Board passed Ordinance 12-64 allowing the Treasurer’s Office to redeem the bond at the earliest practical call date. Had the county allowed the bond to mature in 2021, the county would have paid an additional $990,000 in interest.
The redemption leaves Will County with total outstanding debt of $151.2-million as of December 1 2013.