LAFAYETTE, Georgia (WDEF) – Walker County’s Commissioner on Wednesday signed a bond purchase that he says will save taxpayers $4 million.
The new bonds refinance a series of bonds from 2015.
Commissioner Shannon Whitfield says the old bonds cost more because Moody’s Investor Services gave the county a much lower credit rating, which meant the county paid a higher interest rate then.
But now Moody’s is giving the county a better credit rating after the Hutcheson hospital debt was resolved.
The new interest rate is 2.64% compared to the 5.2% rate in 2015.
“The taxpayers of Walker County are the real winners today,” said Commissioner Shannon Whitfield.
“Together, we’ve worked hard to restore our county’s credibility by targeting debt reduction. The fruits of that labor are starting to be realized. We reduced the term on this bond by nearly five years, which will save the taxpayers $3,921,475.”