Westport Refinances Bonds, Will Save Big on Interest

Westport announced Monday that it refinanced $8.48 million in bonds from 3.88 percent to 1.91 percent.

Much of the $590,000 in savings will be seen in the first two years.

“Westport is fortunate to be able to take advantage of its strong financial and economic condition for the benefit of all taxpayers,” said First Selectman Jim Marpe. “My thanks to Gary Conrad, Sheila Carey and Lynn Scully of our Finance Department for their thorough and rapid response to this significant refinancing opportunity.”

Moody’s Investors Service gave the Town of Westport a triple-A bond rating on a $8.56 million refunding bond issue and affirmed the top rating for the town’s general obligations debt, according to Westport Now.

The rating is the highest that the company gives out. It cited Westport’s high wealth income indices and manageable debt position. It also cited Westport’s well-funded pension system, well-managed financial operations and adequate reserve levels.