Wednesday, August 15, 2001
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Wednesday, August 15, 2001 |
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Bond refinance saves taxpayers money Fayette taxpayers will save $3.37 million over the 20-year life of bonds to finance the new jail and courthouse complex under construction in Fayetteville, thanks to refinancing of the bonds. The Public Facilities Authority last week moved to take advantage of recent improvements in the bond market, refinancing the bonds at an average interest rate more than one percentage point better than the original rate. New interest rates for the bonds will range from 2.65 percent to a maximum of 5 percent. "The Board of Commissioners has been examining the market since earlier in the year, watching for it to hit the low point," Bill McNally, county attorney, told the authority. "It's gotten as good as we could expect it to get." Annual payments on the bonds will be reduced by about $100,000 a year because of the refinancing. The County Commission ratified the authority's action last week. Dave Hamrick
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