Cain: ‘Pretty good chunk of change’
PRINCETON — Earlier this week, Princeton City Council approved the first reading of an ordinance to refinance five bond issues totaling approximately $6.5 million. Refinancing the bonds will reduce interest costs and potentially save the city about $341,000.
Around this time last year, the city approved Phase 1 of this project and refinanced four bond issues totaling around $10 million which created a savings opportunity of more than $800,000.
John Vezzetti of Bernardi & Associates was present at the council meeting this week and reported the council’s two-year refinancing package will generate more than $1 million in interest savings.
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