The town has refinanced old debt, saving taxpayers nearly $4.4 million. In a competitive sale on March 7, the town sold $11.62 million of a 12-year bond issue at a yield of 1.97 percent to winning bidder TD Securities. Bond proceeds will be used to finance current elementary school remodeling projects at the Killam and Birch Meadow schools and to refinance bonds originally issued in January 2002 for Coolidge Middle School and in January 2004 for Reading Memorial High School. The transaction will save the town $4,393,992 over the life of the refinanced bonds. Property taxpayers will see relief beginning in fiscal 2014, which begins July 1, 2013. That relief will continue through fiscal 2024, when the high school debt will be fully repaid. The town also negotiated lump sum payments from the Massachusetts School Building Authority, saving the state $465,000 in future interest costs and reducing the town’s outstanding debt from $53 million to $40 million.