Debt Refunding Saves County $505 Million 

FOR IMMEDIATE RELEASE August 18, 2005		Contact: Diane Thomas-Plunk 714.834.6203
Debt Refunding Saves County $505 Million (Santa Ana, CA) – This morning at 8:30, the refunding of Recovery Bonds, Series 2005 A in the principal amount of $146 million closed successfully in the offices of County bond counsel in San Francisco. Tuesday’s successful closing of the Lease Revenue Refunding Bonds, Series 2005 and today’s closing result in $505.3 million of debt service savings for the County. This produces a net present value of the debt service savings of $102.5 million less the amount of debt defeasance funds contributed by the County. “By taking these prudent financial steps, there will be a savings to taxpayers of $4.7 million per year for the next 10 years ,” said Bill Campbell, Chairman of the Board. “At the end of the first 10 years, the taxpayer benefit jumps to approximately $41 million annually. The refunding of this debt is our contribution to the future financial well being of Orange County.” #####