The Butler County commissioners Wednesday authorized refinancing old debt and borrowing additional funds to pay for nearly $6 million in projects.

Under the ordinance, the county will refinance a 2006 bond and issue new borrowing not to exceed an aggregate $10 million to fund the project list, which includes replacing all the beige panels on the government center exterior and fixing water drainage issues in the courthouse.

The refinancing of the originally $9 million bond, which is now worth $3.1 million, will net roughly $240,000 in savings under a Capital One Public Funding plan.

The interest rate would be at 2.35 percent with a July 2024 payoff.

The new debt, which can’t exceed $6.8 million, will have a 2.55 percent interest rate and a July 2027 payoff.

The closing, which will determine the exact amount of new debt, is May 16.

Anthony Ditka, the managing partner of Dinsmore & Shohl, said Capital One was the best option of four proposals.

“This was the best proposal,” Ditka said.

County Controller Ben Holland, who did not attend the meeting, said in an interview that the commissioners could have held off until more budget cuts could be made.

“I think it’s being done very quickly,” Holland said of issuing the bond.

The county already made more than $1 million cuts to operating and capital expenses.

Holland said more pruning could be done, so the county would borrow less money.

“I don’t really see any hard cuts,” he said.

However, Holland does support refinancing and getting new financing concurrently to save money.

“It would be foolhardy to refinance and then issue another bond,” he said.

Holland said he would just prefer the commissioners would have deferred the process until a later date.

“What’s the rush?” he asked.

Commissioner Leslie Osche, board chairman, said in an interview the county needs to take advantage of current interest rates.

“I think the problem with waiting is you risk the interest rate increasing,” Osche said. “At the end, we’re in the same position.”