June 11, 2019
Oneida County Saves Nearly $1 Million with Bond Refunding
$4.2 Million Saved Since 2008
Oneida County Executive Anthony J. Picente Jr. and Comptroller Joseph J. Timpano today announced the refunding of $12.9 million of outstanding bonds this year, for a total cash savings of $911,424.
“We are always looking for ways to save the taxpayers of Oneida County money,” Picente said. “The stewardship both Comptroller Timpano and I hold over the finances of this government are of the utmost importance, and we will continue to be vigilant in the pursuit of sound and responsible economic practices.”
Bond refunding works similar to mortgage refinancing. The borrower, in this case Oneida County, pays off old debt and replaces it with new debt at a reduced interest rate.
“This strategy has been utilized multiple over the past 11 years and always results in significant cash savings,” Timpano said. “Thanks to a great partnership with the County Executive the financial standing of Oneida County is as rock solid as it has ever been.”
Including this transaction, a total $69.9 million of outstanding bonds have been refunded on six separate occasions since 2008, resulting in cash savings to taxpayers of $4.2 million.