Gwinnett to save millions by refinancing debt

A plan to refinance some debt is expected to save Gwinnett County at least $10 million.

The county Board of Commissioners Tuesday authorized a plan to refinance $190 million worth of water and sewer revenue bonds. The county borrowed the money in 2008 to pay for various improvements to the water and sewer system.

By refinancing the debt, the county estimates it can save water and sewer customers $10 million to $14.5 million over the life of the bonds. Gwinnett’s finance department will solicit proposals from interested banks, with final approval of the plan expected next month.