County eyes debt service savings
Haywood County may be able to reduce its budget by about $40,000 by simply refinancing its debt.
County Finance Director Julie Davis told the county commissioners Monday she’s been watching for an opportunity to reduce the county's debt service by refunding the various bonds and other debt obligations. The N.C. Local Government Commission requires a 3 percent savings to be possible before such an action is taken, and Davis said she believes that could now be possible.
The more recent loans secured by the county have been as low as 1.5 and 1.67 percent, but debt entered into earlier is much higher. That includes the 2004 law enforcement center general obligation bond where an estimated 8.2 percent, or $544,000, could be saved by going through the refunding process.
There are also ...