Refinancing Proposal Would Save Middle Nearly $1M, Deputy Mayor Says

COURT HOUSE – Middle Township will propose two refunding ordinances, at its April 5 Committee meeting. 
According to a release, if approved, the township would have the opportunity to save around $1 million over the life of the bond issue. By refunding bonds, the township can take advantage of historically low-interest rates, much like a homeowner could benefit from refinancing a mortgage. 
The township is refinancing sewer debt, including bonds from the project that brought sewer service to Whitesboro. 
“Township Committee is mindful of the costs to our taxpayers and ratepayers,” stated Deputy Mayor Ike Gandy. “We are always searching for ways to help reduce the cost of government while maintaining our outstanding services to our residents. These bond refinancing opportunities are a way to help reduce government costs for our residents to the tune of $1 million. We are proud to introduce these refunding bond ordinances, as part of our commitment to running an efficient government.” 
Gandy oversees the township’s Sewer Department and Public Works. The municipality is embarking on a multi-year project to upgrade and modernize its pump stations and sewer lines. The township will introduce two ordinances for a first reading to begin the refinancing process.