Schools
Wilmington Seeking To Save $2.6 Million On High School Debt
The town's financial advisor believes the town could save $155,000 per year by restructuring the $44 million bond.
WILMINGTON, MA — Wilmington officials are looking to refinance the town's high school project debt to save the town millions over the next 17 years, they told the Board of Selectmen, Monday.
The town owes $30 million in principle on the $44 million it financed for the project and stands to save $2.6 million by refinancing, town finance director Brian Perry said.
The refinancing is possible due to favorable market conditions, Perry said, although the exact value is uncertain and the process is fairly involved. The $2.6 million number is an estimate by the town's financial advisor.
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That estimate would mean $155,000 in annual savings through 2037.
Town officials expect to present the new bond issuance documents to the selectmen at their Sept. 14 meeting.
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The full meeting is available here, via WCTV.
Christopher Huffaker can be reached at 412-265-8353 or chris.huffaker@patch.com.
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