Thanks to its slightly improved bond rating and good timing, Franklin saved about $100,000 last week, said Treasurer/Collector James Dacey.
The town was due to award a bid for a 19-year note in a few weeks, but seeing that the bond market was "perfect," Dacey acted last week to secure a $17.89 million bond issue.
The town received seven bids on the bond, and awarded it to Morgan Keegan & Co. Inc., with an average interest rate of 3.49 percent, Dacey said, adding that interest rates have been as high as 7.25 percent in the past.
"We got a great rate on that - probably the best rate we've ever had," Dacey said.
"We planned on 4 percent, or 4.25 percent, but by getting 3.49 percent, we saved about $100,000 in interest costs for fiscal year 2010 - a huge savings," Dacey said.
Read the full article in the Milford Daily News here
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