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Westmoreland

Westmoreland water authority may refinance bonds to save $3 million

Rich Cholodofsky
| Wednesday, Dec. 13, 2017, 5:33 p.m.

A refinancing of more $132.5 million borrowed in 2013 to pay for capital improvements of the Westmoreland County municipal authority's water and sewer systems could generate about $3 million in additional revenue for the utility.

Authority officials on Wednesday said the window to refinance the debt could close by year's end as a result of the proposed U.S. tax reform plan being negotiated in Congress.

“If we can realize at least $3 million in savings, we will pull the trigger,” said Brian Hohman, the authority's business manager.

Officials said the refinancing would not generate a lump sum amount but instead would marginally reduce the authority's debt repayments over the next 20 years.

Rich Cholodofsky is a Tribune-Review staff writer. Reach him at 724-830-6293 or rcholodofsky@tribweb.com.

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