County Looking at Refinancing Options for Belfair Sewer

The Mason County Commission is looking at several options to refinance the debt for the Belfair Sewer System. During a briefing Monday, Frank Pinter, Director of Support Services for the County, summarized six possible scenarios for restructuring some $32 Million in bonds and loans.

All scenarios would result in additional cost to the County over time but provide savings in the short term making the system more solvent. The scenarios range from a high in savings of $400,000 a year while costing $5 Million to a low in saving of $265,000 a year while costing $2.46 Million.

The Commission still needs to develop a plan for expansion of the system and could potentially restructure the debt again in ten years.

Staff will look more closely at the possible debt restructuring while also looking at General Facility Charges and rates, obligating Real Estate Excise Taxes and .09 Funds, and draft code revisions relating to sewer.

Next briefing on the subject will be scheduled in two weeks.

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