The Barrow County Board of Commissioners voted Tuesday night to refinance $12.4 million in bonds in order to delay for three more years the annual payment of principal.
The unanimous action authorizes that Merchant Capital LLC may proceed with the restructuring of the debt prior to the start of the county’s new fiscal year that begins Oct. 1.
The original bonds were issued in 2006 by the Joint Development Authority of Winder-Barrow County for the purchase of about 250 acres of land near the Barrow County Airport.
The board’s action means the county will not have to pay about $1.8 million in principal payments over the next three fiscal years. But that debt will be added to the back end of the obligation, extending payments through Sept. 30, 2027.