Refinancing a bond in Avalon is going to save Avalon nearly $90,000 in upcoming years. Avalon was able to refinance the 2001 bond and save taxpayers’ money thanks in part to an exemplary AA+ bond rating that the Borough was recently awarded by Standard and Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc. The change will save Avalon $87,000 over the next three budgetary years.
“Avalon’s conservative approaching to spending and our ‘pay as you go’ philosophy allowed us to enjoy these tremendous savings”, said Avalon Mayor Martin Pagliughi. “Every community in the state of New Jersey continually searches for ways to save money and generate new income. By refinancing old debt at lower interest rates, Avalon will save taxpayers significant money thanks to our careful approach to spending”.