Refinancing saves taxpayers

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A well-timed debt refinancing by the Hussey-Mayfield Memorial Public Library has resulted in a lower interest rate, an earlier payoff date and savings of more than three-quarters of a million dollars.

The new interest rate on the outstanding debt is locked in at 1.44 percent, saving local taxpayers $783,218 in financing costs, according to a news release from the library. In addition, the bond refinance will retire the debt in 2024, one year earlier than planned.

“We are extremely pleased with the savings realized for the taxpayers,” said Larry Greenwalt Library Leasing Corp. president. “As part of the refinancing process, Standard & Poor’s reaffirmed its AA- rating for the Library’s bonds, citing Zionsville’s strong tax base and support of the library.”

In May, the Hussey-Mayfield Memorial Public Library sold $5,225,000 of bonds to refinance the debt which was used to construct the original library building which opened in 1992, and the expansion that was completed in 2006.  The recent refinance was a huge success and took advantage of historically low interest rates.

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