According to a news release from the Selectman's Office, Westport reduced its debt sevice cost over the next decade by $3.8 million through the sale of refunding bonds.
"The $29.3 million refunding bonds, which replace debt issued in 2003, will ensure annual budget savings between $420,000 and $425,000 each year from fiscal 2014 to 2022," First Selectman Gordon F. Joseloff said.
The sale, which was approved at a special meeting of the Board of Selectmen and Bond Committee, leaves the town’s total outstanding debt at $134,649,530 as of June 30, he said.
In his March budget message, Joseloff said six refundings since 1999 had already generated a net-present value savings of $4.5 million.
“With today’s highly successful sale, Westport’s taxpayers achieve a total savings of more than $8.3 million since 1999,” Joseloff said. “This is a tribute to our sound fiscal practices, and our efforts to keep a watchful eye on market conditions.”
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