Oneida County Refinances Bonds, Saving About $1 Million
Oneida County recently refunded $14.7 million in outstanding bonds.
Comptroller Joseph Timpano says that resulted in a total cash savings of $985,000 for the county.
Timpano says bond refinancing works similar to a home mortgage refinancing. He says the borrower, in this case Oneida County, pays off current debt and replaces it with a new debit at a reduced yield rate, resulting in significant cash savings.
Since being in office, Timpano has refunded $57 million worth of outstanding bonds, resulting in a cash savings of $3.3 million to taxpayers.