The remainder of a $31 million bond issued by East Hampton Town in 2006 will be refinanced, enabling the town to save $1.76 million in interest while paying off the debt over the next 12 years.
The money was borrowed for land acquisitions ($25 million), for construction of the town justice court ($2 million), and for the rehabilitation and reconstruction of the Montauk Playhouse Community Center ($4 million).
Almost 10 years later, the town has paid off almost $10 million of that debt, with $22.12 million remaining.