County approves bond refinancing
Staff reporter
Marion County Commission heard some good news Monday from David Arteberry of George K. Baum and Company.
Arteberry reported that the total savings from the refinancing of two bonds will be more than $30,000, about $1,500 more than anticipated.
The bonds were originally issued in 1997 and 2000.
"The market is interesting right now," said Arteberry. "Everyone is expecting the interest rates to increase but it hasn't happened yet."
He added that the supply of tax exempt, municipal bonds is low in Kansas which increases the demand.
The total savings will be $30,242.27 at an interest rate of 1.73 percent. The interest rate for the bonds before refinancing is 4.77 percent.
Arteberry said that he had contacted Marion County banks but due to the low interest rate, the local banks did not show an interest in the project.
Marion County was commended for its willingness to look at refinancing the bonds as an option.
"The county has done quite a bit this past year to reduce its debt load," said Arteberry.
The Commission approved Resolution #03-27 which authorizes the completion of the bond issue. The total amount refinanced is $781,042.54.
