Washington County Commissioners have approved the issuance of $45 million in general obligation bonds to finance new projects and refinance existing debt. As reported by the Hagerstown Herald-Mail,
The five-member county Board of Commissioners voted to authorize the sale of bonds, not to exceed $44.9 million. That amount includes up to $15.4 million in “new money” toward infrastructure, public facilities, environmental and educational projects, as well as administrative issuance fees, according to Lindsey A. Rader, bond counsel for the county.
The county plans to refinance as much as $29.5 million in current debt to take advantage of lower interest rates. County Administrator Greg Murray said “the county could potentially save about $1.5 million in interest by refinancing past general-obligation bonds from 2005, 2007 and 2008.”