Major savings is coming from a rebonding in Middle Township. Middle Township Committee has moved to take advantage of historically low interest rates in the bond market to save the Middle Township Sewer Utility nearly $1.7 million in future debt service payments. The plan calls for a bond refunding of nearly $11 million of outstanding USDA Sewer Utility Loans.
The rebonding will allow the Sewer Utility to reduce the term of the loans from 35 to 30 years and to decrease the interest rate from about 4.59% to 3.55%.
