Monroe County saves millions thanks to low interest rate
Written by Michael Moran on October 29, 2009 – 7:04 am
Monroe County will see big savings thanks to lower interest rates on this year’s county borrowing, according to the Rochester Democrat & Chronicle.
Reporter Jill Terreri writes: “The county borrowed $75 million at the lowest rate it has received in six years, despite having one of the worst credit ratings in the state.
The bonding, which covers county operations for 51/2 months until federal and state grants are received, closed Wednesday.
The interest on the bonds is 1.91 percent. Last year, the county paid 6 percent interest on an $80 million bond issue.
The county will pay $1.4 million in interest on these bonds, compared with $4.8 million last year.”