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Millions saved through refinancing debt in Wayne County

When a treasurer is wrong – that’s typically a bad thing.

In Wayne County’s case though, it was a good error. It had to do with what Wayne County Treasurer Patrick Schmitt thought the County would save through refinancing the debt associated with a project to convert the Wayne County Nursing Home into the Public Safety Building.

Schmitt said the refinancing is saving Wayne County nearly $1.6 million over the remaining 15 years of bond payments. That comes to an average annual savings of over $100,000 each year, according to the Finger Lakes Times.

He announced this week that Moody’s Investors Services maintained the County’s Aa2 credit rating for GOR bonds. It’s the third-highest rating an entity like Wayne County could receive.

“Every time the county issues debt we are required to obtain a bond rating,” Schmitt said according to the Finger Lakes Times. “The ratings are done by independent companies and are used to help investors decide if the county is a good investment, and yes, that does impact interest rate/pricing yield.”


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