The Board of Selectmen approved a measure to refund a number of bonds, a move that could save the town an estimated $600,000 in interest.

According to Finance Director Bob Tait at the selectmen’s April 3 meeting, outside consultants have identified the potential for savings in $15 million worth of bonds, particularly the bonds issued in 2015, 2016, and 2018. The estimated savings of more than $600,000 is more than 2 percent; it is the town’s policy to refund at that point or higher. The Board of Finance also approved the refunding the following night, at an April 4 special meeting.

The estimated savings are a “moving target” on when to attempt to refund, but the authorization by the selectmen allows the town to “move quickly” when there’s a window for maximum savings, said Tait.

“I think this could be worthwhile,” said First Selectman Dan Rosenthal. “Obviously there’s a lot of volatility in the market but if we’re able to nail this down it could be pretty good to save $600,000.”

The board authorized the refunding unanimously.

In other Board of Selectmen news, Tait presented the board with a worksheet of what has been spent of the town’s $7.5 million in American Rescue Plan funding. Tait is required under the act to submit an accounting of how the funds have been used so far by April 30 of this year, and the worksheet is in preparation of that.

The town has expended $3,448,414.45 of the money, and has encumbered another $643,182.04. There is $3,291,403.51 that has been appropriated towards projects but not yet spent. A total of $7,383,000 has been appropriated, leaving $291,294 undesignated.

Tait said that he expected that some money appropriated will return to the undesignated amount as some projects come in under the amount appropriated.

Among the largest appropriated amounts are $2.5 million for the Hawley School HVAC project, $1.5 million for a replacement of the water distribution system at the Fairfield Hills campus, a $325,000 reimbursement to the town’s medical self-insurance fund for COVID expenses, $300,000 for a front and bucket loader for Public Works, $240,000 for a six-wheel, eight-ton dump truck for Public Works, $215,000 for sidewalks in Sandy Hook, $200,000 for sidewalks in the Borough; and $200,000 for improvements at the Transfer Station.

Associate Editor Jim Taylor can be reached at jim@thebee.com.