Overton Restructures Bond, Will Save $100K

Overton County will save some money after restructuring a bond allocation this week.

County Mayor Ben Danner said the county chose to make the move after interest rates cut in half.

“The interest rates went down to two-percent, so we’re looking at saving $100,000 over five years,” Danner said. “That’s $20,000 a year, but that’s pretty good savings by not extending the term or anything on it. Any time we can save the county taxpayers money on interest we’re trying to do it.”

The county plans to have the remaining $2.23 million paid off by 2024. Danner said the county utilized the bond several years ago for buildings, roads, and other projects.

“We’ve paid off a lot of loans and that’s how we’re able to build this new county services building now,” Danner said. “We’ve saved hundreds of thousands of dollars in interest since I’ve been in office trying to pay off debt. I’m excited about that.”

Danner said the savings from restructuring the bond could be used to help pay off the new county services building or other debts.

“Any time we can try to pay off one and save and then pay on another one helps a lot,” Danner said. “The $20,000 is almost a penny of property tax.”

The Overton County Commission voted to restructure the bond during Monday’s meeting.