County refinances bonds -, South Georgia News, Weather, Sports

County refinances bonds

By Karen Cohilas - bio | email

ALBANY, GA (WALB) – You know many homeowners are taking advantage of lower interest rates and refinancing their mortgages. Now, government agencies are also looking to save.

Monday, The Dougherty County commission approved a resolution to refinance an almost $15 Million bond issued in 1999.

There are six years left on the bond. By refinancing, the county will save about a half million dollars in interest on the remaining debt.

Commissioner Lamar Hudgins said, "It's basically like refinancing your house, so to speak, without extending the term of the mortgage. So the payments, instead of being lower, we'll take the savings up front on the sale of the bonds."

The county will receive $250,000 when the refinancing is complete, probably in March. That money will go into heat and air condition improvements at the Department of Human Resources building.

They'll receive another $250,000 over the next 12 months.

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