Orange County announced this week that it had refinanced existing bonds for a total savings of over $1.1 million dollars.
Representatives from the county and its bond counsel closed on the sale of $22,455,000 in General Obligation Bonds originally issued in 2001 and 2003 at an interest rate ranging from 4 percent to 4.7 percent. The new interest rates range from 2 percent to 4 percent, saving $1,120,542.50 over 12 years.
Savings are attributed to the higher than typical number of bidders and lower interest rates currently on the market.