Stonington - The town has earned $385,000 more than expected on the recent sale of $12 million of sewer plant improvement bonds, in part because the town's financial condition and high bond rating is attractive to buyers, according to Director of Finance Maryanna Stevens.

Stevens said the town can now sell $385,000 less in bonds when it sells $6 million in upcoming sewer bonds, or it can use the money to pay off debt. Either choice saves taxpayers money.

The $385,000 premium the town received for the sale of the bonds is the result of a general demand for tax-exempt municipal bonds, especially from communities such as Stonington that have high bond ratings, Stevens said.

The Board of Finance has consistently stressed the need for the town to maintain its high bond rating. One way to do this is to maintain a healthy undesignated fund balance that provides money for the town in the case of an emergency. That fund now totals about $10 million.

A high bond rating also lowers the interest rate the town pays on borrowed money, saving taxpayers money when they have to pay off the cost of large projects.

The finance board used $900,000 from the fund balance this spring to offset the 2012-13 tax rate but balked at using more despite budget supporters urging them to do so.

j.wojtas@theday.com