Lantana to save $1 million by bond refinancing

The town council voted unanimously at this week’s regular meeting to approve a bond refinancing that would save it nearly $1 million during the next decade. The town had obtained the $9.215 million bond for its wastewater system in 1998, with a rate that started at 3.6 percent. It’s now up to 4.65 percent, with a balance of $4.845 million. Finance director Stephen Kaplan told council members Monday the town had negotiated a new rate of 1.48 percent. That will save the town $105,000 to $110,00 a year, or about $990,000 by the time the bond’s paid off in 2021. The closing is set for the beginning of January.