The county will refinance a series of 2014 bonds to enjoy savings from a lowered interest rate.

The county commissioners at their Wednesday meeting voted to adopt an ordinance to refinance the bonds.

Scott Shearer of PFM Financial Advisors told the commissioners that the $22 million outstanding balance in the bond series will be refinanced, which will save the county a little more than $700,000.

He said the interest rate will be reduced from 3.67% to somewhere in the 1% range should market conditions remain the same until the refinance is completed around Dec. 30.

Shearer said the market became volatile when the coronavirus pandemic hit, but settled down in the fall.

“That's why it made sense to move forward,” he said of the bond refinancing.

Upon the recommendation of bond counsel Anthony Ditka of Dinsmore & Shohl, the commissioners determined that if the savings level dips below 2%, the refinance would be put on hold.

The county saved $772,000 in September, when the commissioners refinanced a $9.5 million 2019 bond series.

In that deal, the interest rate was dropped from 3.46% to 1.33%.