Oneida County Saves Nearly $1 Million With Bond Refunding
Oneida County Executive Anthony Picente and Comptroller Joseph Timpano says the refunding of $12.9 million of outstanding bonds this year has resulted in a total cash savings of $911,000.
Timpano says the County has used the strategy multiple times over the last 11 years, resulting in significant cash savings.
He says a total of $69.9 million in outstanding bonds have been refunded on six separate occasions since 2008, resulting in cash savings to taxpayers of $4.2 million.
Bond refunding works similar to mortgage refinancing. In this case, the borower, Oneida County, pays off old debt and replaces it with new debt at a reduced interest rate.
“We are always looking for ways to save the taxpayers of Oneida County money,” Picente said. “The stewardship both Comptroller Timpano and I hold over the finances of this government are of the utmost importance, and we will continue to be vigilant in the pursuit of sound and responsible economic practices.”