YORK COUNTY, Pa. — Good news for taxpayers in York County.
The county's Board of Commissioners announced on Wednesday the county has saved an estimated $2.89 million in debt service costs through the refinancing of three separate bonds.
The refinancing transactions included two bonds issued by York County in 2015 and one issued in 2016. The three bonds together helped fund several previous capital improvements for the county. On Oct. 31, 2024, the county refinanced $43.605 million in bonds.
According to the Commissioners, the county has not issued new bonds and has not accrued any additional debt as part of refinancing transactions.
“We are constantly evaluating the county’s financial position to ensure the best possible value for York County taxpayers,” said York County President Commissioner Julie Wheeler. “We believed the market conditions were right for us to refinance our long-term bond obligations, with a goal of saving at least $1.7 million over the life of the bonds. In the end, our refinancing was far more successful than we anticipated – saving over $1.1 million more than projected.”
The commissioners say the additional savings is the result of significantly more market interest in York County's bonds than expected. That additional interest drove down the county's interest rates, resulting in an estimated $2.89 million in savings.
“The impressive taxpayer savings from this refinancing is due to York County’s excellent credit rating and our continued commitment to long-term financial success,” said Vice President Commissioner Scott Burford. “Our strong reputation in the bond market allows us to access some of the best rates available – all to the benefit of York County taxpayers.”
According to the Board of Commissioners, the initial bonds from 2015 and 2016 helped fund the completion of critical capital improvements to both county facilities and departments. They included upgrades to the county emergency services, expansion of the county judicial center, the conversion of the old York County Courthouse to become the county administrative center, and the purchase of new voting machines to comply with the 2002 Help America Vote Act.
