Lower interest rates on bond sales could allow the county to save more than $1 million in interest payments, County Treasurer Scott German told the Ways and Means Committee this afternoon.
German was there to seek authorization to rebond some of the county's previous bond purchases -- ones that helped build the court facility, make improvements to the county building and old courthouse, build the GCC technology center and renovate the county nursing home.
In all, the four projects account for $10.7 million in principle the county must repay, with interest rates as high as 5.3 percent.
Once rebonded, rates would range from 3.5 to 3.7 percent.
The total savings would add up to $1,024,530.
The principle of the old bonds would be paid off with the purchase of the new bonds at the lower interest rate.
The committee authorized the rebonding, with Legislator Jay Grasso congratulating German on staying on top of the rebonding opportunity.
