Officials say York County will save close to $2.9 million by refinancing previous debt.
“That’s an accomplishment,” said York County Commissioner Doug Hoke.
Commissioners on Wednesday approved an ordinance authorizing a series of general obligation bonds in the aggregate principal amount of $40.91 million.
The money will go toward refunding the county’s 2003 bonds and 2011 PNC Bank note. The $40.91 million figure also includes an additional $6 million for capital improvements for various county facilities.
Doug Hoke said some that $6 million could be used for the possible build-out of the fifth floor of the York County Judicial Center.
“We’re going to find out how much it costs to do a portion, or all of that facility, or maybe none of that facility, based on how the bids come in,” Hoke said. “So we are putting some financing in this … right now, because it makes sense.”
About $1.6 million of that savings will occur in debt service reduction for 2013, and about $1.3 million in debt service savings for 2014, according to David Payne, a director with PNC Capital Markets.