BAY COUNTY, Fla. (WMBB) — At Wednesday morning’s Bay County Debt Committee meeting, county representatives discussed the refinancing of two of their bonds.
One bond is for the fire stations, attorneys and courthouse and the second is for the new sports complex.
“We have an incredible staff that is always looking out for our finances and we ask our bond counselor to go out and just see if there are any rates or changes,” said Bay County Commissioner Robert Carroll. “We always look at the market and they were much lower this past year.”
After the county searched for banks across the country for lower interest rates, they received eight proposals. They determined STI Institutional and Government INC. (Truist) provided the best one.
“We took advantage of some incredible interest rates,” Carroll said. “We were able to, on one of the bonds, almost cut the interest rate in half.”
This amounts to millions of dollars in savings, which Carrol says can go to other county projects.
“We’re going to have about seven and a half million dollars in savings over the life of the bonds,” Carroll said.
Carroll says this money will help the county out in the long run.
“That money can be allocated to other projects and other needs within the county,” Carroll said. “So it frees up a lot of money that we were already committed to.”