Georgetown, Del., July 19, 2012: Tens of thousands of public wastewater customers in Sussex County are seeing some cool and refreshing savings in their quarterly and annual sewer bills this summer, thanks to the County refinancing more than $61 million in construction debt earlier this year.

In February, Sussex County government capitalized on lower, more favorable interest rates to refinance bonds for outstanding construction loans in 18 sewer districts. That refinancing, in turn, lowered the debt in various districts. The savings are now being turned over to rate payers in the form of lower assessments, beginning with quarterly bills going out this month.

The lowered sewer assessment rates – charges billed and collected to pay for construction within a sewer district – were approved by Sussex County Council in June. Annual savings, per customer, will range from $3 to $73, depending on a number of factors. Those include the amount of debt refinanced (varies by district) and the amount of front footage each customer is assessed (varies by property size). The savings will affect nearly 56,500 accounts.

“Whether it’s a few dollars or a sizeable credit, any money our customers can save is a good thing,” County Council President Michael H. Vincent said. “It’s no different than refinancing your home mortgage. If there’s an opportunity to save, you seize that opportunity. We did that, and many of our wastewater customers will be the ones who gain from that.”

To learn more about County sewer, visit sussexcountyde.gov/sewer-water/.

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