Putnam County refinanced its 2013 school bonds this week and saved some $3.6 million in interest.
Putnam County Mayor Randy Porter said the county got a current interest rate of 1.35 percent this week, saving the county much more money than he had expected.
“We were expecting around a 1.8 percent rate with a $1.8 million savings when we started the process,” Porter said. “We hit the timing on the market perfectly which was amazing.”
The bonds were used to build the schools in Baxter and Monterey. Porter said the county’s average interest rates on all its bonds stands at 1.8 percent.
