Refinancing the Debt

One cannot help but hear commercials touting the money saving reasons for homeowners to refinance their debt.  Even after certain charges, the homeowner can still save thousands of dollars over the life of a mortgage.  Many residents have done just this and have enjoyed extra dollars staying in their bank account.  So why shouldn’t the City of Everett refinance their debt and save thousands of dollars for the taxpayers.  Well, this is exactly what is being proposed by Mayor Carlo DeMaria.

DeMaria and his staff are to be congratulated for taking advantage of historically low interest rates and seeking to refinance some of the city’s debt. However, the  Common Council and Board of Aldermen must approve the refinancing.  There are few things in government that can be classified as a “no brainer.”  This refinancing is one of them.  By refinancing the debt that was borrowed in 2004,  taxpayers will save more than $100,000 over the life of this loan.

The reason city officials can refinance the loan is that the bond rating for the City is AA and in good standing.  As the bond rating has been the joint work of the Mayor DeMaria, City Council and Board of Aldermen, we urge that this strong financial rating position, that has been  jointly earned by the City Government, now be utilized effectively to benefit the taxpayers.

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