In a move that will save taxpayers an estimated $1.2 million, the St. Charles Parish Hospital Service District Board got approval to refinance general obligation bonds.
Calling it a “substantial savings” than typically found on refinancing, Jerry Osborne, bond attorney with Foley and Judell, said the savings would come from refinancing up to $10.8 million in general obligation bonds at a lower interest rate.
The savings would come over the 12-year life of the bonds.
“All the savings goes to the taxpayer,” Osborne said.
The bond refinance got approval from the St. Charles Parish Council on June 6. The refinancing is also pending approval by the State Bond Commission.
At the council meeting, Councilman Paul Hogan asked if the refinancing would create room for more debt.
Osborne emphasized the change is “strictly a money savings,” and he added the debt will not be extended.
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