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Refunding $9,175,000 Saves Somers Taxpayers $595,000
Homeowners are not the only ones refinancing their debt to save money because of lower interest rates. The Somers Board of Supervisors voted to approve the refunding of $9,175,000 of Somers bond debt in order to take advantage of more favorable interest rates. The new bonds will be dated, as originally issued, as of November 19, 2015.
$9,175,000 of Somers bonds issued in 2006 and 2007 that had maturities ranging from 2019-2027 have been refunded to bonds with new interest rates ranging from 2.00% to 3.50%. What does this mean to Somers taxpayers? The refunding will saving $595,000 or approximately $50,000 per year in interest expense due to lower interest rates.