County to refinance $45 million in bonds in bid to save more than $200,000

June 06, 1993|By Phyllis Brill | Phyllis Brill,Staff Writer

Harford County plans to refinance up to $45 million in general obligation bonds this year. The bonds, which were issued at between 6 percent and 9 percent interest, could be refinanced at a rate of 5 percent to 6 percent, said county Treasurer Jim Jewell.

In seeking County Council approval last week to move ahead with the plan, Mr. Jewell said the refunding bonds could save the county between $200,000 and $500,000.

The bonds under review have a remaining life of 8 to 12 years.

He said the bonds with the highest interest rates from the general fund and water and sewer fund would be chosen for retirement.

The refunding bonds would be lumped into one sale in September or October.

The county's last bond refunding was in fall 1992, when the treasurer reported saving more than $800,000 on the sale of $6.6 million in bonds.

While this refunding would involve more bonds, the interest savings would be less.

"Still, if I can save the county $200,000 or a half-million dollars,it's worth it," Mr. Jewell said.

In other action Tuesday, the County Council delayed voting on emergency legislation that would change the county job classification plan.

The legislation, which would create the job of warden and upgrade deputies' pay in the Sheriff's Office, among other things, would go into effect immediately after passage.

The bill was proposed by the county executive as an emergency measure in order to take effect by July 1, the beginning of the new fiscal year.

Passage requires approval by five council members rather than the usual four.

The bill would create nine job classifications and delete 17.

One classification would be upgraded and three would be retitled.

County spokesman George Harrison said no one would lose a job in the shuffle because some of the classifications to be deleted are vacant.

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