HOLBROOK – Navajo County hopes to save up to $ 90,000 annually by using low interest rates to refinance approximately $ 10 million in debt.
The board of directors will hold a special meeting on January 26th to approve the plan to refinance existing debt for various capital projects.
The county is hoping to save between $ 60,000 and $ 90,000 annually, depending on how bond sales go after the plan is approved, according to Bryan Layton, assistant district manager.
“We estimate that the refinance will save $ 664,000 to $ 996,000 annually over the next decade, depending on how the actual interest rate was hit,” said Layton.
The long-term debt refinancing will include approximately $ 10 million in bonds with an estimated interest payment of $ 1.9 million over the estimated 30 year term of the loan.
The district will hold the meeting via Zoom. To participate, visit the county website at www.navajocountyaz.gov for the agendas for the oversight body. The agenda includes instructions on how to log into the Zoom meeting. To comment on the plan, email the Board Clerk at [email protected].
Peter Aleshire covers county government and other issues for the Independent. He is the former editor of the Payson Roundup. Reach out to him at [email protected]
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