The Hempstead Town Board unanimously voted at the Feb. 20 meeting to refinance more than $31 million in bonds, according to Newsday.
The move, which is expected so save taxpayers $1.4 million, comes after five of the six board members rejected a similar proposal by Supervisor Laura Gillen, according to Newsday.
Gillen originally urged the board to refinance in early February.
The Town Board decided to table the matter for a future meeting.
Gillen had said that certain members of the board asked for additional time to consider the items, and she said she was inclined to give them time to feel comfortable before voting.
In her original statement, Gillen said it is her responsibility to look out for the financial future of Hempstead residents.
Gillen said bond rates have increased since the town was eligible to refinance in March 2016, when she said rates were at historic lows.
“The Town of Hempstead missed an opportunity to recoup an additional $2.5 million in interest savings by failing to act sooner,” Gillen said. “Luckily, we still have an opportunity to lock in a better deal over what we’re currently paying, despite the oversight.”
