FAIRFIELD, Conn. Fairfields taxpayers have received an early holiday present, according to Fiscal Officer Paul Hiller. The town refinanced more than $26 million of its debt at lower interest rates Friday. The deal will save taxpayers $3.66 million over the next few years.
"I am very pleased that the town has refunded one of the highest saving levels ever achieved in the history of Connecticut for this type of municipal debt, First Selectman Michael Tetreau said in a press release.
The Board of Selectmen, Board of Finance and Representative Town Meeting agreed to the plan to reissue $26.75 million in municipal bonds. Fairfield took on the debt from 2002 to 2004 to pay for construction projects. Hiller brought the idea to the town boards in May to take advantage of this years drastically lower interest rates.
Standard & Poors evaluated Fairfields debt and maintained the towns AAA credit rating. The $3.66 million saving will help lower Fairfields individual tax bills when the Board of Finance sets its new mill rate in June 2012.
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