$1 Million Savings Possible as Cherry Hill Council OKs Bond Refinance

Cherry Hill stands to save seven figures in debt service payments after the township council finalized an ordinance Monday night giving the OK to refinance nearly $13 million in bonds.

The township is taking advantage of lower interest rates to refund several 2003-series bonds—$10.96 million in general fund bonds and $1.975 million in sewer bonds—and the difference is significant, officials said.

“We hope to save a little over a million dollars,” township controller Michelle Samalonis said.

The move to refinance the bonds is the second in the last six months for the township, which closed on a deal at the end of September that township officials said will save close to $2 million.

Council President David Fleisher called it a smart financial move to refinance the bonds while the market is still at a low point for interest rates.

The refunding bonds that will complete the refinancing go out for pricing around April 9 and should close around April 24, Samalonis said.