EDISON – Last week, Mayor Antonia Ricigliano announced that Edison will save $1.6 million over 10 years by refinancing bonds.
According to Powell Capital Markets, Inc., the bond underwriter, the township received the “locked in” savings associated with series 2011 General Obligation Refunding Bonds.
“I am pleased to share the good news that the savings is actually $1,643,491.11 over the ten year life of the bond. This equates to between $155,000-$160,000 annually except for 2012, where the savings will be $59,978.61,” Ricigliano said.
“My Administration initially projected a savings of $1 million dollars over the ten year life of the bond. Realizing the additional savings of more than $600,000 is an added bonus for the taxpayers,” she added.
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