Charles County recently refinanced $31 million in tax-exempt and taxable bonds saving the county $1.3 million in interest. As reported by the Southern Maryland Newspapers Online,

Dave Eicholtz, director of the Charles County Department of Fiscal and Administrative Services, explained the purpose of the sale was to identify bonds that could be refinanced “to take existing debt off the rolls and replace it with new, cheaper debt.” In placing bids, bidders agreed to purchase general obligation bonds in the aggregate amounts of $21,635,000 and $9,410,000 for the tax-exempt and taxable sales respectively.

The county’s high credit rating and infrequent bond sales led to a high number of bidders.