ZANESVILLE, Ohio – The Muskingum County Auditor met with the county commissioners Monday morning to discuss updates on the county’s refinancing.
Muskingum County Auditor, Debra Nye, was joined by a Fifth Third Bank Securities representative informing commissioners on the refinancing of debt that took place a few weeks ago. Nye said that includes their ability to lower their interest rates from 4% to 1.64%, and update them on county savings.
“We were very fortunate to get our interest rate down to 1.64% interest rates, so very pleased with that. Our savings, as far as net, was just a little $300,000. And we have a 10 year span in which we will pay that debt off,” said Nye.
Nye added that these meetings are important because County Commission is the legislative authority in allowing the Auditor’s Office to make decisions and save money for the county.
“It’s just good that everyone is on the same page, and we all know that we’re saving money and doing well for the county. That decreases our debt payment in the county and we’ll be able to save some money,” said Nye.
The Auditor’s Office does need to perform a disclosure statement which takes several weeks to complete.