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Jefferson, OH – Today the Ashtabula County Board of Commissioners announced the refinancing of bonds totaling $13.8 million which includes debt service for the Ashtabula County Nursing and Rehabilitation Center, Job & Family Services, the 4-H Building at the Fairgrounds, and the Lodge and Conference Center at Geneva on the Lake. “It seemed like a great time to take advantage of the low interest rates we are experiencing,” said Board President Casey Kozlowski. “The total cash savings will amount to $1,088,827.”
“I was especially pleased we were able to shave two years off the previous borrowing repayment schedule,” said Commissioner J.P. Ducro. “Shortening the number of years on our debt repayment was very important to me.”
The interest rate is also significantly decreased, from as high as 4% down to 1.7%.
“We are very appreciative of the work done by our team at the county including the County Administrator, Auditor, and Treasurer, as well as the guidance given by our financial advisor Mike Burns, Managing Director at Robert W. Baird & Company” emphasized Commissioner Kathryn Whittington. “The entire process took several months to complete but was well worth the effort.”