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County savings plan outlined

July 30, 2003|by TARA REILLY

Washington County would save about $11 million by refinancing bonds at a lower interest rate and re-funding bonds and loans, Finance Director Debra Bastian told the County Commissioners at Tuesday's meeting.

Bastian said interest rates could drop from 7.1 percent to 1.1 percent.

Water and sewer bonds, Maryland Water Quality bonds, Maryland Industrial Act Loans and Industrial Redevelopment Fund Loans are eligible to be refinanced, according to a county document.

The estimated $11 million in savings includes $3 million in sewer fund savings, $2 million in savings for the solid waste fund and $2 million in savings to the county's general fund, Bastian said.

Commissioners President Gregory I. Snook commended county staff on coming up with a plan for the savings.

"Clearly, because of the staff, we're going to recognize a savings," Snook said.

The commissioners agreed to move forward with the plan.

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