DeKalb saves $25M through refinancing
DeKalb County's government is saving $25 million by refinancing park bonds at lower interest rates.
The DeKalb Commission has allocated the windfall to a variety of projects, including construction of the Wade Walker Library south of Stone Mountain, an intergenerational center at Tobie Grant Park in Scottdale and the Lithonia Senior Center.
The county sold about $143 million in bonds with interest rates of 2.44 percent to pay off outstanding bonds that had interest rates of 4.5 percent.
“It was good for us in the market yesterday,” said DeKalb Chief Operating Officer Zach Williams in a presentation to the DeKalb Commission on Tuesday.
The refinancing generated revenue because the county is restructuring its bond payment schedule so it has more money available in the next three years.
Gwinnett County also plans to save money by refinancing bonds. The Gwinnett Commission this month authorized refinancing $190 million of water and sewer bonds, which is expected to save residents more than $10 million over the life of the bonds.
About the Author
Mark Niesse is an enterprise reporter and covers elections and Georgia government for The Atlanta Journal-Constitution and is considered an expert on elections and voting. Before joining the AJC, he worked for The Associated Press in Atlanta, Honolulu and Montgomery, Alabama. He also reported for The Daily Report and The Santiago Times in Chile.
