County to refinance $11.2 million debt with a rock bottom interest rate: 1.34%

Posted on August 5, 2015

The Taylor County Commission could have a new loan in place by the end of the month to refinance the remaining $11.2 million in debt the county owes from constructing and equipping Doctors’ Memorial Hospital (DMH), cutting as much as a decade off its payment plan and saving millions in interest.

Last month, the commission agreed to allow its financial advisor, Mitch Owens with RBC Capital Markets, to pursue a bank loan to refinance the existing bonds, which are scheduled to be paid off in 2029. The hospital bonds are funded by the county’s one-cent sales tax, which Taylor County voters approved in 2001 to construct DMH.

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