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HILLSVILLE ― Locking in a lower interest rate on a 2011 refinancing of water and sewer debt will result in Hillsville saving at least $400,000 and a potential $1 million in the future, the town manager says.
Town officials, including a prior administration, originally considered the refinancing of $4.7 million of debt in 2011 to ease pressure on the water and sewer system finances.
At the advice of a consultant, the town sought proposals and approved the refinancing with Carter Bank and Trust at a 3.84 percent interest rate, with the promise of saving $580,000.
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