Windsor saves $2.97 million through refinancing loan
January 9, 2018
Windsor saves $2.97 million after refinancing loan
The Windsor Finance Department refinanced the 2015 Community Recreation Center Sales and Use Tax Revenue Bond, reducing the length of the note and saving $2.97 million, according to a news release from the town of Windsor.
The original 2015 voter-approved $16.1-million sales and use tax bond, or loan, was used to fund the expansion of the Community Recreation Center. Voters approved a ballot measure that initiated a .75 percent sales and use tax through December 2034, the duration of the note.
The loan was refinanced by George K. Baum & Company at a 2.61 percent interest rate on Dec. 15, 2017.
"This financing package is a great benefit to the Town of Windsor," said Dean Moyer, director of finance for the town of Windsor.