Barrington taxpayers projected to save through debt refinancing

Barrington taxpayers are expected to save nearly $575,000 through refinancing of an $8.3 million debt.

Jason Hayden, the village's director of financial services, said the move to refinance the loan obtained occurred due to more favorable interest rates.

Barrington is projected to save $572,405 in interest payments by the time the $8.3 million debt is retired in 2028, Hayden said Friday.

Village board members approved the borrowing in September 2009 to help pay for extensive street and sidewalk improvements at that time. The money also went toward new equipment for the village's sewer and water systems.

Other positive Barrington financial news was announced Friday. Moody's Investors Service has reaffirmed the village's Aa1 bond rating, just below the highest AAA.

With the Aa1 rating, Moody's once again judged Barrington's debt to be of high quality for investors and a "very low credit risk." Hayden said Barrington has a strong credit profile for a non-home-rule community in Illinois, which helped in the refinancing of the $8.3 million debt.