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Easton refunds bonds, saves $809K

The Town of Easton re-funded $6.8 million in bonds last week to trim $809,423 from a lifetime of repayment costs.

Working with its financial adviser, Phoenix Advisors LLC of Milford, Easton trimmed the average interest rate on the bonds from 4.15% to 1.76%, with much of the savings coming in the next four years, according to a press release from Phoenix Advisors.

The 20-year general obligation bonds issued in 2005 were re-funded Wednesday, Jan. 25, without extending the repayment period, and strong market conditions allowed Easton to achieve more than $782,000 in savings through 2015, according to the release.