Princeton to refinance loans
PRINCETON — The Princeton City Council hopes to save $865,000 in interest during the next 17 years by refinancing four bond/loan instrument series.
At this week's meeting, the Princeton City Council heard from John Vezzetti, assistant vice president of Bernardi Securities Inc. of Chicago, the municipal underwriting firm which has been working with the city council on the refinancing proposal for several months. Vezzetti briefly reviewed the refinancing benefits with the council, projecting the city will save $865,000 by the refinancing.
The four bond/loan instrument series are $1.75 million in outstanding water revenue bonds, $3 million for the wastewater treatment facility, $3.85 million for the 133-acre logistics park purchase, and $3 million for capital projects for the electrical plant and system.
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