Hamilton County got its mortgage Tuesday for Great American Ball Park.

        The county issued $350 million in bonds that will pay for construction of the Reds' new home, the demolition of Cinergy Field and $46 million in overruns at Paul Brown Stadium.

        The bonds also will be used to pay off about $71.5 million in debt issued in 1998 to build the football stadium.

        The county secured an interest rate of 5.61 percent, lower than the 6-percent rate it was forecasting. That will translate into about $24 million in interest savings over the 32-year life of the bonds, the county's financial advisers say.

        “We feel pretty good about it,” Hamilton County Administrator David Krings said.

        Taxpayers will fork over about $500 million in interest if the bonds stay on the books for the full 32 years. The county's political leaders have said that the bonds will be paid off early if the sales tax grows at the expected 3 percent per year.

        Mr. Krings said there was more competition for the county's bonds than expected. That allowed the county to lower the yield.

        It was all the excitement the county administrator could handle.

        “I definitely kept up my support of the Tums company,” Mr. Krings said.

        Hamilton County Commission President Bob Bedinghaus said the lower interest rate will translate into savings for county residents. While they will still pay the same amount to build the stadium, they will pay less in debt service.

        “It is very good news,” Mr. Bedinghaus said.

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