Scranton Sewer Authority’s refinancing of $10 million of bonds will save $1.5 million, which is double the savings initially estimated, board members said during a monthly meeting Tuesday.

Last month, the board authorized refinancing of $10 million of bonds issued in 2007, for a then-estimated net savings of $752,180, or 7.52 percent of the refunded bonds.

The initiative was pursued because of low interest rates on refinancing and investor interest in municipal bonds, and the agency did better than expected, said authority Executive Director Gene Barrett. Based on final pricing figures, the net savings is $1,502,965 more than the same bond amortization term, he said. In other matters:

• Huron Consulting Group of Chicago, which the agency hired in July, has completed the first of four potential phases for evaluating sale, privatization and management options for the agency. The first phase involved refining goals, assembling data, meeting with stakeholders and developing a framework and options for changes. Huron now will move to a second phase of assisting in soliciting potential suitors and the bidding processd. A third phase would involve advising on legal and labor matters, and a fourth phase would assist with transition issues. The authority also could choose not to pursue any of the latter phases.

• Leonard Verrastro, the authority’s Dunmore member, asked the authority to pay for the repair of a pipe involved in a sewer backup in his nephew’s residence on Smith Street in Dunmore. A traffic cone that fell into a sewer manhole caused the backup, and a pipe in the home of Mr. Verrastro’s nephew, Jon Mecca, had a hole where the backup came out, he said. Mr. Verrastro argued for the authority to pay for the repair and seek reimbursement from the owner of the traffic cone. But noting the hole in the pipe predated the backup, authority engineer Dave Osborne recommended the authority pay for the cleanup but not for the pipe repair. The board took no action and said it would review the matter further.

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