It's not often elected officials can save taxpayers more than a quarter-million dollars.
But with a unanimous roll call vote, that's what Elizabethtown Borough Council did earlier this month in voting to refinance the borough's debt. And just by lucky timing, interest rates were low and investors were hungry -- so council refinanced to an interest rate of about 3.3 percent, saving more than $265,000 because of the lower interest rate.
As the borough's financial adviser, Chris Gibbons of Concord Public Finance stated, it's just like refinancing the mortgage on your house to a lower interest rate.
The borough has authorized Gibbons to recommend refinancing if it will save taxpayers a minimum of $150,000. This time, Elizabethtown lucked out -- and I think I can speak for all of Borough Council that we're pleased.