DerryNews.com, Derry, New Hampshire

April 25, 2013

Finishing touches on Manchester Road begin

By Julie Huss
jhuss@derrynews.com

---- — DERRY — Crews began putting the finishing touches on the Manchester Road project this week.

Workers were scheduled to begin this week with some final projects to wrap up the road work — an expansion project that widened the highway from the Tsienneto Road intersection up past Ashleigh Drive. The intent was to help stimulate economic growth in that area of town and help with traffic flow.

By the end of last year, town officials called the widening project in town a success. Now that spring is here, it’s time to finish up what’s left.

At a meeting April 16, Town Administrator John Anderson told town councilors it was time to complete the project.

That includes final paving work and other cleanup of the area, Anderson said.

In other business, councilors voted to refinance the bond for the town’s municipal building that could save the town $123,000 over the remaining eight-year life of the bond.

“We looked at our bonds to see if there was some benefit to refinancing any of them,” Chief Financial Officer Frank Childs said.

The municipal center bond was a good choice.

The town issued $3 million in bonds in February 2001 to pay for the construction of the municipal center. The amount outstanding on these bonds is $1.2 million.

“Such a refinancing would produce a present value savings of $123,100, well above the $36,000 threshold (3 percent of the outstanding principal balance) recommended by the Government Finance Officers Association,” Childs said.

Childs said the refinancing of the bond would reduce the annual debt service costs of the town by an average of $16,300 through fiscal year 2021.