89.1 WEMU

Washtenaw County Considering Refinancing Bonds To Save Nearly $800,000

Apr 1, 2014

Washtenaw County continues to pay about $1.6 million annually on bonds issued to fund the county jail construction project about eight years ago.  The county is now considering refinancing the bonds at a lower interest rate to save about $800,000 over the remaining life of the bond issue.  

 County Administrator Verna McDaniel thinks it's another case where small savings can build up to a big difference.

The county still owes about $17 million in principle from the initial bond issue of over $21 million.  

The County Commissioners Ways and Means committee will consider the plan Wednesday.  If the commissioners give final approval and the interest rates remain favorable the refinancing will likely take place in May.

Like 89.1 WEMU on Facebook and follow us on Twitter

— Andrew Cluley is the Ann Arbor beat reporter, and anchor for 89.1 WEMU News. Contact him at 734.487.3363 or email him acluley@emich.edu.