Montco saves $2.9 million in bond refinancing

NORRISTOWN A new bond-refinancing deal will save Montgomery County even more than its experts anticipated - $2.9 million over the next 15 years, the county said in a statement.

The commissioners earlier this month approved the $27.7 million refinancing to close out two so-called interest-rate swaps issued by a previous administration. The county expected that regular municipal bonds would bring in a lower interest rate and lower fees, for a savings of $2.3 million.

Uri Monson, the county's chief financial officer, said some of the interest rates came in even lower than he had projected, thanks in part to a competitive bidding process that brought in 11 offers, significantly more than usual.

Through 2031, the refinancing "will achieve a savings of nearly 8.1 percent," Monson said.

The deal was signed Monday and will close April 21, the county said. - Jessica Parks