Twp. expects to save $400K MIDDLETOWN - Taxpayers in the township stand to save a little over $400,000 thanks to proposed refinancing of bonds issued between 1997 and 2002. The township is refinancing with the assistance of the Monmouth County Improvement Authority. The bonds were originally floated for capital projects like road improvements and building renovations. "This proposed measure is part of a continuing effort to find ways to cut costs without sacrificing services," Mayor Gerard Scharfenberger said. "We have an opportunity to save a lot of money and this could be very favorable for us." Scharfenberger said, among other things, he expects the township to be able to reduce debt service by about $179,000 and to have the utilities at the township's swim club reduced by $11,000. He also mentioned that new debt is being issued presently. Township Public Information Officer Cindy Herrschaft described this effort as being similar to refinancing one's home. "It's very worth it for the township to do this," Herrschaft said. "It's a great way to save money and you get a better interest rate." According to Herrschaft, the township went through a similar process less than a year ago, at a savings of $2.77 million. An ordinance regarding this matter was recently introduced. A public hearing will be held on Feb. 20, and Scharfenberger said he is confident it will pass. "I don't anticipate there being a problem at all," Scharfenberger said. "This is something that can only help the town financially, and so to have any sort of opposition, I can't see that happening." Scharfenberger said that the savings would be calculated in terms of today's dollars and would be saved over the life of the new bonds, and that the first year of savings would be realized in the upcoming 2007 budget. - Dan Newman