Town Saves More Than $1 Million By Refinancing Debt

The town has officially saved more than $1 million by refinancing its debt, officials said this week.

The town’s debt service had been $10,321,768.86 but after municipal bonds were refinanced this week it is now $9,232,103.94, according to town documents. The savings of 1,089,664.92 will be spread out over annual payments due through 2025.

That allows the town to take greater savings in 2015 and 2016 to help lessen the impact of future bonding. If the voters OK some or all of the capital improvement proposals on the November ballot, some of the biggest financial impacts would come during those years. 

The Board of Selectmen voted to authorize the town to refinance the debt earlier this year. 

The refinancing fees came to approximately $75,000 but that number was incorporated into the figures and will not require a separate payment, town officials said Thursday.