The Board of Selectmen Wednesday approved a resolution authorizing First Selectman Matt Riiska to sell the general obligation bond that financed the extensive work along Maple Avenue and to find new financing.
Riiska told his board members that refinancing the $4 million debt should save the town about $50,000 a year over the 25-year lifespan of the loan. It appears the town can get a new interest rate of 2.25 percent, less than half the current rate. The new rate would be consistent with other long-term debt held by the town.