Sussex Borough Hall (File photo by Eileen Stanbridge)
Sussex. The Sussex Borough Council on Sept. 21 unanimously approved the refinancing of about $3.5 million worth of bonds to save money on interest going forward.
The ordinance calls for the refunding of $3.26 million of principal from bonds dated March 6, 2012, that are scheduled to mature on Jan. 1, 2023, and on the same date in 2027 through 2030, and then again in 2033 and 2037.
Sussex Borough Chief Financial Officer Michel Marceau told the Borough Council on Sept. 7 that the process is similar to a mortgage, and that he believes the borough will save about $385 in interest over the remaining 23-year life of the bonds.
He said the bond market favors the borough right now. The bonds have a call date of Jan. 1, 2022, when the bonds can be redeemed before maturity.