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Refinancing 2006 debt saves county $1.77 million

Henderson County will save $1.77 million by refinancing the remaining debt from the 2006 loan that paid for Sugarloaf Elementary School, the Technology Education building at BRCC and renovation of the Historic Courthouse.

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County finance director Carey McLelland invited banks to bid on refinancing the outstanding balance of $24.7 million over 13 years. The low bidder as SunTrust bank, at 2.01 percent, which edged TD Bank's bid of 2.14 percent.
The original loan was for $41.6 million. Refinancing the balance will save the county $136,000 a year in interest, or $1.77 million over 13 years, McLelland told the board. The 2006 loan was the last of the big outstanding bonds that the county has refinanced, he said, savings millions in interest over the life of the loans.
"You keep it up we're going to let them be paying for us to borrow money," Commissioner Tommy Thompson said. "You're doing a wonderful job, Carey."