The Macon-Bibb County Urban Development Authority gave final approval Wednesday to a resolution to refinance $11.175 million in bonds that will save the county about $1.68 million during the next two years.
The interest rate for the refinancing came in lower and the term of the bonds shorter than originally forecast, boosting the savings by $100,000.
“The time comes down, and we save them about $1.7 (million),” authority Chairman Bob Lewis said.
The bonds were issued in 1993, 1996 and 2000 to fund a number of projects, including the stadium at Westside High School, the Department of Family and Children Services building, and courthouse and library improvements.
The outstanding bonds will be redeemed and the debt refinanced at a rate of 2.44 percent, compared to the 5.44 percent interest now charged on the debt, David Lucas, senior vice president of public finance for bond consultant firm Stern Agee, told the board.
“Also for DFACS, rents will go down,” Lucas said.
The supplemental bond resolution calls for the authority to enter into an intergovernmental contract with the county.
“That’s pretty much standard,” authority attorney Chix Miller said.
As issuer of the bonds, the authority will be paid a fee of about $50,000.
To contact writer Rodney Manley, call 744-4623.