According to a report from PortCityDaily, New Hanover County, North Carolina, is expected to save more than $8 million on interest fees in next few years after the county’s finance department refunded bonds.

County Manager Chris Coudriet said that his staff regularly watches over current interest costs that could reduce debt. Most recently, the county took advantage of historically low rates, taking out a loan for the new Ogden Fire Station and Pine Valley Library.

The total net present value savings will top $8.7 million by the end of the debts’ existence. Coudriet noted that, by reducing expenses, the county may keep taxes and fees down.

The county refunded nearly 15 percent of outstanding debt from a bank loan it took out in 2018 for the construction of the library and fire station. The refunding produced $1,083,201 in net present value savings and will decrease payments by about $97,000 annually.

The post New Hanover County (NC) Reduces Debt to Pay for New Fire Station appeared first on Fire Apparatus.

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