Expecting to save $3 million, Howard to refinance bonds

June 25, 1999

Howard County expects to save $3 million by refinancing $14.2 million worth of bonds sold to pay for work at the Alpha Ridge Landfill -- money that will reduce overall debt over the next 17 years.

The savings will come from using a state loan fund to achieve a 2.9 percent interest rate, which is below market rates.

Dale Neubert, the county finance director, said the federal and state governments make the money available to encourage local governments to properly operate and cap landfills, and Howard can take advantage of the fund to save money borrowed in the early 1990s for the Alpha Ridge work, which is well under way.

"It is similar to a homeowner refinancing his or her home when interest rates have dropped several percentage points," Neubert said.

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