Twin Lakes refinaces to save $18,000 on station

Photo by penywise via

Photo by penywise via

Twin Lakes will save about $18,000 by refinancing the borrowing for the Police Department construction project from 2001.

The village’s financial advisor, Mike Hallmann, recommended making the switch to bonds from the State Trust Fund and the Village Board approved the move at a special meeting Monday evening.

The interest rate on the old bond averaged 5.125 percent. The State Trust Fund interest will be 3.5 percent.

Hallmann explained the industry guide for making such a refinancing move typically is 2 percent or better savings. Twin Lakes will realize a 3 percent savings.

The State Trust Fund recently modified its rules regarding acceptable projects for funding through the program, including refunding of existing debt, making the Twin Lakes project now eligible, according to material Hallman distributed to the board and media.


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