Town of Tolland Sells and Refinances Bonds

The Town of Tolland has sold and refinanced its bonds for a savings of $523,363 over the life of the refinanced bonds, according to Town Manager Steven Werbner.

Werbner said that the town received a low combined interest rate of 1.97 percent after the sale, which was negotiated by Roosevelt and Cross.

Werbner said that the refinancing will help lessen the impact on the tax rate for four years if residents approve a proposed for road improvements. R.

Tolland has a total of $9.755 million in general obligation bonds, which falls within the recommended range of totalling 8 - 10 percent of annual expenditures. The town recently from S&P's and Fitch.

Werbner added that the refinancing will be finalized soon.

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