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Jan 13

Successful Bond Refinancing

Posted on January 13, 2015 at 1:40 PM by Paul Cohen

Today, the Town of Chelmsford refunded $9.49M of debt pertaining to the sewer project and the police station.  The Town will save $1,080,713 over the remaining 7 years of the debt service.  The Town's AA bond rating helped secure the lower interest rate of 1.2626%.  $7M of this debt pertains to the sewer project and is excluded from the provisions of Proposition 2 1/2.  Therefore, this portion of the savings it cannot be reallocated for other municipal purposes.  It will reduce the amount of the property tax levy.