Sussex Borough Hall (File photo by Eileen Stanbridge)
Sussex. The Sussex Borough Council on Sept. 7 introduced an ordinance to refinance about $3.5 million worth of bonds to save money on interest.
The borough’s chief financial officer, Michel Marceau, said he believes refinancing will save Sussex about $385,000 in interest costs over the remaining 23-year life of the bonds.
“It should be really beneficial for the borough,” Marceau said. He said the process is similar to refinancing a mortgage.
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.