Weber County Refinances Debt to Save $1.36 Million

On July 28th, Weber County refinanced $22.65 million in lease revenue bonds to save the county's taxpayers $1.36 million over the next 10 years. The refinancing reduced the County's interest rate on the bonds from 4.075% to 3.34%. This lower rate will save an average of $123,000 per year through 2019 when the bonds will be retired.

Lower interest rate in the face of a bad economy created the money-saving opportunity, Commissioner Jan Zogmaister said. She said the chance to rebond doesn't come along very often, and while the commissioners would have liked to save more, the county got a good deal.

"It was an oppurtune time to do it. had we waited, we might have lost this oppurtunity," Clerk/Auditor Alan McEwan said.

"We're in a time where it's sometimes hard to find good news, but this is good news for the taxpayers," McEwan said.

The bonds were originally issued in 1994 and 1995 for construction and renovation of the Ogden Eccles Conference Center and the Weber Center. Since then the county has refinanced portions of the bonds on four different occasions, including this year's refinancing.

For more information, please contact the Clerk/Auditor's Office at 801-399-8400.