The Town of Greenburgh will be issuing $7,475,000 of refunding bonds shortly. This refunding bond issue will combine a total of seven older outstanding bond issues into one issue, at a much lower rate of interest. The total budgetary savings to the Town in 2003 is $63,000, plus another $374,000 over the next seven years. The total present value savings to the Town over the life of the refunding bonds is $390,000, or 5.39%. This refunding will effectively reduce the dollar amount that the Town will have to pay out in 2003 and over the next seven years for its debt. This is clearly a savings to the taxpayers of the Town of Greenburgh!