Genoa Township To Refinance Bonds For Significant Savings
September 30, 2020
By Jessica Mathews / firstname.lastname@example.org
Genoa Township and some sewer customers will see a savings tied to the refinancing of bonds for a sewer system project.
At a recent meeting, the Genoa Township Board approved a resolution to refund and refinance capital improvement bonds for the Oak Pointe Sewer Project. In 2014, the township issued and sold bonds for a project that converted the Oak Pointe Wastewater Treatment Plant to an equalization station. The project also involved constructing a force main to pump Oak Pointe waste water to the Genoa-Oceola WWTP for treatment and disposal. The township was notified by its financial advisor about an opportunity to refund the bond issue, which would result in a significant savings for Oak Pointe residents.
Supervisor Bill Rogers told WHMI it’s fantastic news and rates are down. He says it was brought to their attention that in the current bond market, the township should seriously look at a couple of items. Rogers said it’s not necessarily their normal style to just refinance for the sake of refinancing - they want some sort of a limit so they can really benefit. Rogers said this opportunity came up and they wanted to take advantage of it – adding it’s over $300,000 worth of pure savings after expenses.
The board approved a resolution for the framework for which the bonds can be refinanced. Member Jean Ledford was absent. It was noted at the meeting that the savings will be around $319,000 and was well worth pursuing.