Refinancing leads to lower interest rate

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PROSPECT — The town has received a lower interest rate after refinancing a $1.14 million loan.

The loan includes money to cover road projects and the purchase of the house and property at 3 Center St.

The town received three bids, Mayor Robert Chatfield said. The lowest bid was from Simsbury Bank, which bid an interest rate of 0.65 percent. The bank was awarded the bid.

Chatfield said the town will pay $7,400 a year in interest under the new rate.

“We got a very good interest rate on this,” Chatfield said. “Last year’s rate was 1.15 percent. I never dreamed it would be this low. I was hoping for 1 percent.”