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“Passaic County is ready and willing to partner with any of our municipalities to save money and reduce costs in financing and refinancing debt,” stated Freeholder Director Hector C. Lora. “This $2 million dollar savings – especially in these fiscally challenging times – is direct tax relief to Paterson and allows it the flexibility needed to provide financial stability in the coming years. I commend Mayor Jose 'Joey' Torres for working with the Board of Chosen Freeholders and encourage the Mayors of all sixteen of Passaic County’s municipalities to partner with the PCIA and capitalize off of the County’s strong credit rating.”
PCIA went to market with Government Loan Revenue Bonds, Series 2015, to refinance outstanding general capital bond anticipation notes, emergency notes, special emergency notes, and tax appeal refunding bond anticipation notes, and for the costs of issuance of the Series 2015 Bonds.
Due to borrowing through the PCIA and with the backing of the County Guaranty, Passaic County saved Paterson around $2 million compared to the expense of borrowing on its own.
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