DANBURY -- Members of the city's Common Council will consider refinancing more than $44 million in past bond issues when they meet on Tuesday.

City officials said the refinancing of the debt, which stems from portions of bonds issued from 2003 through this year, could save the city more than $1.7 million during the next two years.

The council will also be asked for authorization to sell surplus equipment, including about 30 vehicles that range from former police cars to pickup trucks.

Mayor Mark Boughton said the city's finance department consistently watches market conditions for any opportunity to refinance its debt to produce a savings.

"We could save about $600,000 during the fiscal year and about $1.2 million in the next fiscal year," he said.

Boughton said the city's strong bond rating and favorable interest rates has made the refinancing option possible.

"We've been lauded by the bond rating agencies for our financial stability, conservative borrowing and low debt load," he said.

He added that many of the vehicles that could be up for sale during a surplus auction -- if approved by the council -- come from an effort to reduce the size of the city's fleet.

Boughton said that as employees with a city-owned car retire, their replacements aren't assigned a vehicle -- unless the duties of the job require them to be on call 24 hours a day.

"We're also moving our fleet over into more fuel efficient vehicles and hybrids instead of sports utility vehicles," he said.

Charles Volpe, the city's purchasing agent, said the sale would include dozens of vehicles that have been deemed surplus from city departments, as well as electronics and some computer equipment. He added that everything is being sold in "as is" condition.

If approved, the auction would be the third time the city has held such a sale, Volpe said.

"It's really become quite an event," he said. "People are already calling us to find out more information about it."

While people can call the purchasing department for information about the sale, which is tentatively set for Nov. 7, information will also be available soon on the city's Web site, Volpe said.

Contact Dirk Perrefort

at dperrefort@newstimes.com

or at 203-731-3358.