02/20/2012

Council OKs refinancing 2002 Community Center renovation bonds, savings estimated at $115,000

Refinancing 2002 bonds that helped pay for renovation of the Community Center will save the town an estimated $115,000 over the next 10 years.

The Town Council voted on Feb. 13, 2012 to refinance up to $780,000 of the original issue of $1.5 million. "Interest rates have declined sharply since they were originally issued," said Councilor Frank Governali, chairman of the council's Finance Committee.

Town Manager Michael McGovern said he planned to meet with financial advisor Joe Cuetara on Feb. 15, and to have the refinancing completed by mid-April. Governali added, "We want to quickly take advantage of the low interest rates." The bonds will mature April 1, 2022 - 20 years after their original issue.