The Town of Hempstead unanimously voted to authorize the refinancing of $33 million in bonds in order to save approximately $1.4 million in taxpayer dollars over the next 12 years.
“As the chief executive and financial officer of the Town of Hempstead, it is my responsibility to protect the financial future of our residents,” said Town of Hempstead Supervisor Laura Gillen. “Since Day One of my tenure, I have made it a priority to take advantage of historically low interest rates to save taxpayers money.”
By refinancing $33 million in outstanding debt at approximately 2.25%, $1.4 million in savings will be realized over the next 12 years. Bonds will be refinanced at approximately 2.25%, much lower than the approximately 3% interest rate the town had been paying when the borrowing was undertaken in 2011.