Richland County Recreation Commission Refinances Bond, Saves Taxpayers Money
October 6, 2014
COLUMBIA, SC – The Richland County Recreation Commission refinanced a portion of their 2008 General Obligation Bond. The bonds were issued to purchase land, upgrade existing facilities and construct new parks around the County.
The agency took advantage of a reduction provision in their taxable Build America Bonds and saved the taxpayers of Richland County approximately $1.4 million by refinancing. “The administration demonstrated great fiscal responsibility by appropriately refinancing the bonds and affected a huge savings to the taxpayers,” said Mike Gallagher, the district’s financial advisor.
The savings comes over the life of the bond issue.
“We are pleased to have the opportunity to do this. The Commission continues to work hard at being good stewards of the taxpayer’s money”, said James Brown, III, Executive Director.
The Richland County Recreation Commission serves the entire population of Richland County. The Commission currently has 42 facilities which include recreation centers, community centers, pools, tennis centers and more. New facilities are being added and all bond projects are scheduled for completion in 2015.
