Trumbull Bond Refinancing To Save Taxpayers

TRUMBULL, CT — The Town of Trumbull refinanced bonds issued in 2009 and 2011 at a .9 percent interest rate. The move is expected to save taxpayers $472,000 over the next five years.

“These results were even better than we could have imagined,” First Selectman Vicki Tesoro said. “We are very pleased with this outcome because it keeps the burden on the taxpayers, related to interest costs, as low as possible.”

The town sold $9.6 million worth of 20 year bonds at less than two percent interest along with refinancing $7.9 million in bonds. The town also sold $8.7 million in short term one-year notes at an interest rate of 1.13 percent.

“It couldn’t have come together better," said Matthew Spoerndle, senior managing director of Phoenix Advisors, which is the town's financial advisor. "This is the first 20-year bond we have seen sell below 2% in Connecticut in years. Trumbull’s financial health remains strong and continues to improve.”

Standard and Poor's and Fitch affirmed Trumbull's AA+ bond rating, which is one level below the highest AAA rating.