The Town of Windsor Finance Department worked to refinance the 2015 Community Recreation Center Sales and Use Tax Revenue Bond, reducing the length of the note and saving $2.97 million.
The original 2015 voter-approved $16.1-million sales and use tax bond – or loan – was used to fund the construction of the Community Recreation Center expansion. Voters approved a ballot measure, which initiated a 0.75 percent sales and use tax through the duration of the of the note, December 2034.
The loan was refinanced by George K. Baum & Company at a 2.61 percent interest rate on Friday, Dec. 15. The new terms reduce the final maturity of the debt to 2031, with an option to retire the debt without penalty beginning in December 2020. As a result of the new interest rate and maturity date, the town will save $2.97 million.
“Thank you to the staff at George K. Baum and everyone that worked on this project. This financing package is a great benefit to the Town of Windsor,” said Dean Moyer, Town of Windsor director of finance.