Return home

Comptroller sites taxpayers savings from refinancing debt

Posted 12/2/16

Oneida County Comptroller Joseph J. Timpano is seeking approval from the Board of Legislators to refinance $14.7 million in debt to provide taxpayers with an estimated $1 million cash savings through …

This item is available in full to subscribers.

Comptroller sites taxpayers savings from refinancing debt

Posted

Oneida County Comptroller Joseph J. Timpano is seeking approval from the Board of Legislators to refinance $14.7 million in debt to provide taxpayers with an estimated $1 million cash savings through 2023, according to the proposed legislation.

If approved by the lawmakers at their Dec. 28 meeting, the comptroller projects next year’s debt service payments will be reduced by $177,459, the legislation shows.

General fund debt service is budgeted at $20.9 million in
2017, according to county budget figures.

The bonds to be refinanced were originally issued in 2008 and 2009, according to Timpano’s office.

If market conditions change enough before the anticipated refinancing to significantly reduce the projected savings, Timpano said he can defer the transaction, keeping the old bonds in place.

This is the fifth time Timpano has refinanced bonds to take advantage of favorable market conditions to lower debt payments and save money for taxpayers, according to county records.

The county comptroller figures the first four instances of debt refinancing — 2008, 2010, 2011 and 2013 — saved the county $2.3 million in reduced debt service payments.

Comments

No comments on this item Please log in to comment by clicking here