Oneida County Bond Refunding Saves $800,000
Oneida County Comptroller Joseph Timpano is announcing the recent refunding of $13 million in outstanding bonds for a total cash savings of $800,000.
Timpano says bond refunding works similar to home mortgage refinancing.
The county pays off current debt and replaces it with new debt at a reduced rate.
Since taking office, Timpano has refunded $70 million in outstanding bonds, resulting in savings of $4 million to Oneida County taxpayers.