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Vermont Municipal Bond Bank refinances debt, saves towns/schools $5.86 million


first_imgOn December 15, 2011 the VMBB issued $43.7 million in 2011 Series 5 Bonds to assist 26 municipalities to refinance outstanding debt issued through the US Department of Agriculture-Rural Development. The USDA-RD debt was originally issued to fund principally municipal drinking water and sewer projects. The refinancing bonds will save participating municipalities over $4,109,786 in future debt service payments.Through the December 15, 2011 issue of $25.9 million in 2011 Series 6 Refinancing Bonds, the Bond Bank was able to refinance its 2003 Series 2 bonds resulting in $1,750,000 in future debt service payment savings for 27 Vermont municipalities and school districts. Loans from the 2003 Series 2 bonds were originally used mainly for ‘bricks and mortar’ construction and renovation projects.About VMBBThe Vermont Municipal Bond Bank has been assisting Vermont’s municipalities with access to tax-exempt bond financing for over 40 years. Since 1970, the VMBB has issued over $1.24 billion through 64 new money and refunding bonds to finance various projects for over 400 of Vermont’s municipalities.For more information regarding the VMBB, please visit our website at www.vmbb.org(link is external) or contact Robert Giroux, Executive Director, at 802-654-7377 or bobg@vtbondagency.org(link sends e-mail).last_img

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