REFINANCING THE BOND...AND MORE!
Here is a Daily Local News article on West Vincent refinancing their debt.
West Vincent's Bond Rating is based heavily on the value of real estate and earnings of residents. The rating is Moody's Aa3, the equivalent to Standard & Poors AA- rating. Remember when the US was dropped to AA+ and shocked the citizens? This rating is two BELOW that rating.
If you recall, West Vincent Township acquired a lower interest rate, then borrowed all of the money saved (a savings of over 9% of the principal according to my calculations), PLUS ADDITIONAL MONEY to do projects in the township. Why? Because the Supervisors said the money was cheap to borrow. But was it a very good idea?