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Refunding Bonds Saves $582,000

Over the next nine years, the Town of Westport will enjoy savings of almost $582,000 in debt service costs, Finance Director John Kondub announced Friday.

On Thursday, the town completed the sale of $13.3 million in general obligation refunding bonds rated Aaa by Moody's Investor Service. This rating means the issuer has an extremely strong capability to meet its financial commitments.

Last month , the Representative Town Meeting gave Kondub approval to refund up to $30 million in bonds.

"With the change in the capital markets over the preceding two weeks, it became economically feasible to bring only the $13.3 million sale to market, down from the originally planned amount of $20.1 million," Kondub said.

The refunding was backed by Piper Jaffray & Company at an interest cost of 2.27 percent and approved by the Board of Selectmen/Bond Committee at a special meeting.

More than $12 million remains eligible to be refunded and $16 million is available on the resolution authority approved by the RTM.

"Our staff will continue to monitor the capital markets in expectation of having a second refunding issue prior to this year-end," he said.

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