Stanislaus County will refinance construction bonds

July 18, 2013 

— Stanislaus County officials will borrow from the county treasury to refinance the almost $20 million remaining balance on 20-year bonds that financed part of the Gallo Center for the Arts, the 12th Street office building and the Salida library.

The refinancing will increase the county's debt payments from $3 million to $5 million this year but shorten the maturity date from 2025 to 2017, saving the county $4.9 million, officials said.

The county will repay the treasury at 1.5 percent interest; it was facing rates of 3.25 percent to 4.375 percent in the next 12 years with the long-term bonds.

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