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Berry to recommend refinancing of Detention Center bond

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Measure could save thousands of dollars a year for county government

By Marty Finley

Hardin County government could save nearly a quarter million dollars through a refinancing proposal to be offered at Tuesday’s meeting of Hardin Fiscal Court.

Judge-Executive Harry Berry will recommend refinancing the 2002 Detention Center bond.

Berry said refinancing the bond, which has an outstanding principal balance of about $3.9 million, will save the county $21,000 to $24,000 annually on debt service payments and approximately $239,000 by 2022, when the bond will be paid off.

Refinancing, which was recommended by financial advisors from Hilliard Lyons, will not extend the debt’s term, Berry said.

The savings are created by lowering the bond coupon, or interest rate of 4.5 percent, by about half — taking advantage of historically low rates.