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.

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