Last updated on March 10, 2020
Town commissioners unanimously approved the details surrounding the refinancing of the town’s multimillion-dollar infrastructure loan Nov. 5. The money is to pay for the road and drainage work that has been going on for the last three years. Refinancing was done on the $8 million left from the original loan and another $4.6 million was added to it. Interest rates had dropped from 3.61% to 2.46%. The refinancing of the original amount means a saving of $550,000, according to Town Manager J.P. Murphy. The refinancing will actually cost the town $970,000 annually to pay off the loan by the due date of 2034.
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