County to refinance bond, will save $500,000
Mon, 04 Jan 2010 20:41:09 GMT —
A bond re-issuance could help get the Dougherty County Commission much needed funds to put into a capital investment program.
Back in 1999, Dougherty County took out a bond through the Albany-Dougherty Inner City Authority to build and equip the Department of Human Resources building. After ten years of paying the money back, the County has the option of refinancing the bond in order to get the best rates available. To be exact, the county will see a 3% reduction. Overall, the county will save $500,000, but upon closing, which will likely happen in March, they'll immediately receive $250,000 which will go to refurbish the Department of Human Resources building.
By using these immediate savings, the County won't have to take taxpayer money for the project.