SILVERTHORNE - Silverthorne will pay off its final $1.825 million of an outstanding debt on the town's 1998 excise tax revenue bonds on Oct. 26. The $6.3 million in bonds were used to construct the Silverthorne Pavilion and parkway improvements along the Blue River Parkway. After Oct. 26t, the town will have no outstanding bond obligations.
"It's an exceptional situation for a municipality with our level of infrastructure and amenities to be in this position," said Mayor Dave Koop. "Paying off the bonds early saves the town $562,000 in future interest payments and will allow the town to budget additional funds for future capital projects. In addition to semiannual payment savings the town will experience, the Oct. 26 payment will eliminate a $512,000 bond budget reserve the town was required to budget annually."
The Town of Silverthorne operates a general fund of approximately $9 million. The 2009/2010 Silverthorne town budget is available at www.silverthorne.org.
"Our approach to budgeting is always conservative, and it is thanks to this conservative approach, particularly on the expenditure side of the budget, that we were able to have cash readily available to retire this bond," said town manager Kevin Batchelder.