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Ocean County adopts refunding bond ordinance; officials say refinancing will save about $1.5 million total
Summary
The Board adopted a refunding bond ordinance to refinance portions of the county's Series 2015A general obligation refunding bonds. County comptroller said the refinancing will reduce interest costs by about $500,000 per year for three years, a savings the county cited when introducing and adopting the measure.
Ocean County commissioners on Aug. 20 adopted a refunding bond ordinance intended to lower the county's interest costs on previously issued general obligation refunding bonds.
Julie N. Tarrant, county comptroller, told commissioners the transaction is comparable to refinancing a home mortgage and will produce interest‑cost savings. "Well, this Refunding Ordinance will actually save the county money on the interest we pay for our bonds," Tarrant said. When Director John P. Kelly asked how much, Tarrant said "About a half a million dollars." When Kelly asked whether that was per year, Tarrant said, "Yes, for about three years." Kelly and Tarrant discussed the arithmetic: "That's a million and a half," Kelly said; Tarrant replied, "Yes."
Clerk Michelle I. Gunther read the ordinance title into the record; on a motion by Commissioner Virginia E. Haines and second by Commissioner Robert S. Arace, the ordinance was introduced and adopted at the meeting. The official resolution number recorded in the minutes is 2025001240; roll‑call votes recorded show the five commissioners voting in the affirmative.
The ordinance authorizes up to $17,285,000 of negotiable general obligation refunding bonds to refund all or a portion of the Series 2015A bonds, and includes routine provisions covering costs of issuance, optional redemption and investment of sinking‑fund proceeds. The comptroller said the net interest savings are expected to be achieved by reducing the county's interest expense over the remaining maturities targeted for refunding.
No public opposition was recorded at the meeting. The board noted a public hearing is scheduled for Sept. 3, 2025 at 4 p.m. in Room 119 of the county administration building; Clerk Gunther read the public‑hearing schedule into the record.
