Butler County decided Thursday to hunt for better rates on some of its 2019 debt.

County commissioners at their monthly meeting approved a request for proposals for a general obligation note of $9.5 million that will pay off such a note acquired in 2019.

“This is not a new borrowing, but rather a refinance of the current loan in order pass along such tremendous interest savings to the municipal borrowers,” said county Commissioner Leslie Osche.

With the 2019 note, the county helped subsidize infrastructure projects in Butler and Cranberry Township.

“Obviously, the market rates have changed considerably,” said Mark Gordon, Butler County chief of economic development and planning. “We could get a pretty attractive interest rate, maybe as low as 2 percent.”

Gordon said earlier this year, the county received a note for the Butler County Infrastructure Bank with an interest rate of 2.06 percent.

Using the 2.06 percent as a sample, Gordon said the county could save $775,000 in interest. He said the savings would also extend to the municipalities assisting in repaying the debt.

Gordon said he is hopeful a new note could be in place by October. There is a list of about 16 financial institutions, most of them local, that have expressed interest in submitting proposals for this refinancing and in the past.

“Who wins? It's pretty simple. You bring us the best rate and best term,” Gordon said.