Westborough Refinancing Debt

Westborough will save about $280,000 in interest annually over 11 years through refinancing debt, Town Manager Jim Malloy says.

Westborough is refinancing debt that’s at a 4.4 percent interest rate now, Malloy told selectmen Tuesday night. The interest rate for the remaining 11 years will be 1.66 percent.

Over the 11 years, Westborough will see a “pure interest savings” of about $182,000 in water and sewer funds, and $2.9 million in the general fund, Malloy said.

 “For us to be getting long-term borrowing rates at 1.66 percent is phenomenal,” he said.

“I told our fiscal adviser, ‘I like meeting with you. Our meetings are always so happy.’” he added.