The seven member communities that make up the North Shore Fire Department will benefit from a $1,605,000 refunding of the 2003 bonds used to finance the construction of Station 5 in Bayside. Bayside borrowed $2,530,000 in August 2003 to build the station.
The Bayside Village Bond tonight acted on the sale of the bonds. Bankers Bank of Madison was the low bidder with a true interest rate of 1.7607.
James Mann of Ehlers said the size of the refund was downsized by $30,000 after the bids were opened because of savings in various underwriting and rating fees.
The refinancing will save $117,000 over the term of the bonds, which will be paid off in 2023. Each of the seven communities pays a share of the debt and will share in the savings.
Moody's Investor Services rated the bonds as AA2, citing Bayside's ample financial reserves and affluent tax base. It also noted the village has seen only "modest assessed valuation declines in 2009 and 2010."
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