The Town of Old Saybrook has successfully sold $1.6 million in short-term debt that the town authorized last week in a referencum. The funds raised will support town purchase of 36 Lynde Street and for design services for a new police station.

First Selectman Carl Fortuna, Jr., was pleased with the sale's results. The winning bid means the town will pay a very low interest rate to investors over the next seven months.

"The town's net interest is .394 percent," said First Selectman Carl Fortuna, Jr. "We'll have the money by next Tuesday, April 11th and will close on 36 Lynde Street on Wednesday."