Bond refinancing saves over $428,000

At their meeting of May 5, the Town Board adopted a resolution authorizing the refinancing of the Purchase of Development Rights Bonds that were originally

issued in 1998 to preserve over 1,200 acres of agricultural lands. This action will save Pittsford taxpayers over $428,000, the equivalent of greater than $26,000 per year. The savings are a result of lower interest and the favorable Moody's Bond rating the town has achieved.

The original bonds issued in 1998 were in the amount of $7.5 million. The average interest rate was 4.7% over a term of 25 years.

The refinanced bonds will be in the amount of $5,535,000. The average interest rate will be 3.3% over a term of 15 years which means the total bonding period will remain the same.