Gordon F. Joseloff: sale saves taxpayers $775,000. File photoThe Town of Westport today completed the sale of $19.6 million in general obligation refunding bonds rated Aaa by Moody’s Investors Service.
“Market conditions made today’s sale better than we expected,” said First Selectman Gordon F. Joseloff.
He said the refunding, conducted through Piper Jaffray & Co., will result in savings of approximately $775,000 to Westport taxpayers.
The refunding included maturities from 2010 to 2023 at yields ranging from .35 percent to 3.52 percent.
“This sale came about because of the hard work of Finance Director John Kondub, Controller Ken Alexander and the department staff and advisors,” Joseloff said.
“It is another example of how we are taking every opportunity to maximize savings for Westport taxpayers.”
In June, Westport awarded a $12.5 million general obligation bond sale to PNC Capital Markets.
That must be a typo. Did we really have bonds outstanding with a 0.35% interest rate, and if so, why did we refund them?