James City closes on bond refinancing to save $530K annually

The county has closed on bond refinancing that will result in an annual savings of about $530,000 over the next decade, James City officials announced Thursday.

The total savings on the two 2005 general obligation and lease revenue bonds, which were sold competitively, are expected to amount to $6.5 million, according to the announcement.

The county noted the refinancing closed without extending the life of the loans or the amount owed. The successful refinancing was attributed to the county’s high bond ratings “plus excellent timing in the bond market,”  the announcement stated.

“The county is very pro-active in monitoring its debt portfolio for possible savings opportunities and was in a great position to take advantage of excellent interest rates,” Courtney Rogers, senior vice president with James City financial advisor Davenport & Company LLC, said in a statement.