Today, the Town of Chelmsford refunded $9.49M of debt pertaining to the sewer project and the police station. The Town will save $1,080,713 over the remaining 7 years of the debt service. The Town's AA bond rating helped secure the lower interest rate of 1.2626%. $7M of this debt pertains to the sewer project and is excluded from the provisions of Proposition 2 1/2. Therefore, this portion of the savings it cannot be reallocated for other municipal purposes. It will reduce the amount of the property tax levy.