SUMMIT, NJ - The City of Summit has announced the successful sale of $6.9 million in refunding bonds. following the recent confirmation of its AAA bond rating from Fitch, Standard & Poor’s and Moody’s. The bond proceeds will be used to retire outstanding school and municipal debt.

As part of the refunding sale, residents and other investors were offered the opportunity to purchase City of Summit municipal bonds. The refunding will generate $337,000 in savings for Summit taxpayers over the life of the existing debt, or about $37,000 per year.

“Today’s bond sale was a validation by the marketplace of the hard work that City personnel have done in keeping the City of Summit in the best possible financial shape,” explains Common Councilmember and Finance Committee Chairman Mike McTernan.   “The bond issue was a win-win as our residents were able to invest in one of the few real AAA issuers in New Jersey and our taxpayers were able to reap substantial savings as well.”