What? There's a plan for a golf course at Rockland Preserve? Well, not exactly.

During the early years of his administration, former first selectman Tom Scarpati was searching out revenue-producing opportunities for the town. The town had recently purchased Rockland Preserve, 649 acres in North Madison, and Scarpati was exploring the idea of developing a golf course on a portion of the land. The idea did not advance beyond the discussion stage, however, it did have an effect on the bonds the town issued to pay for the purchase.

According to First Selectman Fillmore McPherson, he called the town's bond counsel a few days ago to discuss refinancing some bonds of the town.

"The [interest] rates are still near zero and it seemed a good time to look again for bonds we could refinance" at a lower rate, he said.

There are three sets of bonds the town is now looking to refinance-some of the 2002 bonds used for construction of the town campus and police station, some of the early bonds for Constitution Park, and the Rockland Preserve bonds, which are among the largest.

When the town went out into the market to sell the bonds for Rockland, the IRS told the town that because a portion of the 649 acres might be used for a profit-making venture-the golf course-some of the bonds had to be pulled out and not sold as municipal bonds. Instead, that portion was sold as taxable bonds.

What does all this mean? McPherson said, "We have been paying corporate taxable bond rates for a portion of the Rockland bonds."

However, he has a fix. The bonds mature in 2019. He therefore asked the Board of Selectmen to approve a resolution "declaring that the town will not build a golf course at Rockland Preserve before 2020." With the approval of that motion, the town officially foregoes uses of Rockland that would be inconsistent with IRS rules relating to municipal bonds.

McPherson estimates the refinancing of these bonds will save the town approximately $500,000 over the next few years.