Westchester County has saved more than $2 million by refunding $46.78 million in bonds, County Executive Robert P. Astorino announced today.

The refunding deal, which began earlier this month, was finalized Tuesday.

"This is great news for our taxpayers," said Astorino. "By refunding these bonds, the county will save an impressive $2.1 million over the life of the bonds. Every dollar saved is a dollar that can be applied to delivering essential services and holding the line on taxes."

Astorino praised Finance Commissioner Ann Marie Berg, Budget Director Lawrence Soule and their staffs for the work they did to prepare the refunding, which allows the county to save money by lowering its borrowing costs.

Ironically, the volatility of the stock market turned out to be an advantage to the county, as investors turned to the safety of the county's AAA-rated bonds.

"This is a good example of how tax dollars can be maximized through smart and careful management," Astorino said. "The county was able to price the bonds when the bond market was at an all- time low. This resulted in a very favorable interest rate for our county, which has Aaa bond ratings from all three rating agencies."

The refunding had the approval of the New York State Comptroller's Office.