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Refinanced Erie County bonds saves $2.7 million

The Erie County Comptroller's Office is refinancing 2005 sewer bonds that is expected to save taxpayers roughly $2.7 million.

The savings was generated by lower interest rates and an improved credit rating, since the original bonds were sold at the height of the county's red/green crisis, when the county's bond rating was much weaker, said Comptroller Stefan Mychajliw.

“The rates we received back then were not as advantageous for us,” Mychajliw said in a press release.

Fitch Ratings, an international leader in credit ratings and research, gives Erie County an “A+” rating. At the time the 2005 bonds were issued, Erie County had a rating of “BBB-.” Since the sewer bonds were due, the County had an option to refund the bonds at a lower interest rate.

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