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Crunching Numbers
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Business New Haven
4/30/2001
By: BNH
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HAMDEN - Mayor Carl Amento has proposed to the Town Council a plan to refinance and restructure some of the town's high-interest bonded debt, taking advantage of historically low interest rates for municipal bonds.
The proposal would permit the town to take up to $42 million in higher-interest debt and authorized but unissued bonding and combining it into one new lower-interest bond issue. Amento says his proposal would save the town some $768,000 in payments over the life of the issue and would allow the town to pay off the debt entirely one year earlier (2017) than the current final payment year.
If the council approves the plan, the interest rate for the new debt would be approximately 4.5 percent, compared to the current debt which is as high as 6.25 percent.
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