Oakland County Water Resources Commissioner John P. McCulloch saved Bloomfield Township more than $405,000 and Birmingham more than $420,000 in interest costs by refinancing bonds issued back in 2001. He was able to garner a true interest rate of slightly more than 2 percent on the combined issues of nearly $10 million.

“I am extremely pleased with the amount of savings we were able to realize on behalf of the residents of Birmingham and Bloomfield Township,” McCulloch said.

He explained that refinancing, (it’s called ‘refunding’ when you’re talking about bonds), is similar to what a lot of people have done when they refinance their home mortgages. They’re taking advantage of the lower interest rates. “We’re doing the same thing,” McCulloch said.

The refunding on the seven-year notes marks another in a growing list of savings to several Oakland County communities since McCulloch took office in 2001.

“As I’ve indicated previously, when I see an opportunity to save taxpayer money, I’m going to take advantage of it,” said McCulloch. “As with the prior savings, this current savings means that these two communities can use the money previously earmarked for interest payments for other needed projects. I’m passing the savings directly back to the citizens where it belongs.”