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Debt-service costs decline

April 22, 2012
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Property taxpayers will see their bills go down as the result of lower interest rates on $9.1 million in debt, according to acting Town Manager Michael Milanoski. He said the town was able to refinance the debt this month and will save $1.3 million over the next 12 years. The bulk of the debt resulted from overrides or debt exclusions approved for the schools in 2002 and 2004, he said. He said the town’s AA+ bond rating allowed it to refinance its bonds at an average interest rate of 1.68 percent. - Johanna Seltz

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