HILLSBOROUGH: Township looks to refinance bonds, saving $700,000

      The township intends to refinance about $8 million in debt, saving about $700,000 over nine years.
   The Township Committee couched the move as taking advantage of the historically low interest rates.
   The committee took the first step Tuesday night by agreeing to apply to the state Local Finance Board for its required approval.
   The refinancing would apply to general obligation and open space borrowed funds.
   The committee emphasized the refinancing will not extend the duration of the loan payout period, nor will it add new debt. It simply applies a lower interest rate for the remaining nine years left on the loan.
   ”It makes sense to take advantage of the lower interest rates currently available during this economy,” said Committeeman Frank DelCore, the finance committee chairman.
   ”Land preservation is a top priority in Hillsborough and being able to save a substantial amount of money in the Open Space fund will help in furthering that initiative,” said Committeeman Bob Wagner.
   In this year’s budget, the refinancing is expected to save about $8,000.
   ”Every dollar saved counts,” said Mayor Carl Suraci.