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New Canaan council authorizes $17.8 million bond refunding resolution, citing potential interest savings
Summary
The council unanimously approved a resolution authorizing up to $17.8 million in general obligation refunding bonds, aiming to capture market savings if conditions improve; finance staff said estimated savings could range from roughly $300,000 to $500,000.
The New Canaan Town Council on April 3 unanimously approved a resolution authorizing the issuance and sale of up to $17,800,000 in general obligation refunding bonds, with the town's finance staff saying the move would let the town act quickly if market conditions produce interest-rate savings.
Anne (town finance staff) told the council there are three currently callable bonds with a combined principal near…
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