Albany County Legislature
Office of Majority Leader Frank Commisso
Refinancing of bonds to save Albany County more than $1.2 million
Albany County taxpayers will save $1,233,306 through the refinancing of bonds at lower interest rates.
The Albany County Legislature voted on Monday to refinance up to $27.5 million in debt. The principal amount of bonds to be refunded is expected to be approximately $24.9 million, which will result in more than $1.2 million in savings through 2026.
The nearly $25 million is part of $41.8 million in general obligation bonds the county issued in 2010 to pay for public works projects, an annex replacement at the Albany County Correctional Facility and reconstruction of the county office building. Monday’s resolution came out of the Audit and Finance Committee, which adopted it unanimously, committee Chairman Gary Domalewicz said.
“This is exciting news, as we are always looking to save money,” Democratic Majority Leader Frank Commisso said. “I thank Albany County Comptroller Michael Conners for presenting this plan, and Gary Domalewicz for shepherding it through.”
“It’s significant savings,” said Connors, a Democrat first elected comptroller in 1995.