Officials Say Naugatuck in Good Financial Position to Bond Proposed Capital Projects

During a meeting at Town Hall on Thursday to discuss Naugatuck’s proposed capital projects, officials said the borough is in a good financial position to bond several proposed projects, the Republican-American reports.

During November’s election, residents will be asked to vote on nearly $21.2 million of four proposed capital projects.

The projects include $12.4 million for incinerator upgrades, $5 million in infrastructure projects, $1 million to renovate Hop Brook Pool, $2 million to repair the Whittemore Bridge on Maple Street and $775,000 for a new recycling center, the paper reports.

The Joint Boards of Mayor and Burgesses voted in August to send the capital projects to referendum.

At the meeting, financial advisor Barry Bernabe said the borough has an AA bond rating and a relatively low rate of debt, the paper reports. The new debt would mean a maximum 0.5 mill increase after which the level of debt would drop due to the retirement of other bonds.

According to the paper, the incinerator upgrade is a federally mandated Environmental Protection Agency project and the town can face stiff fines if the repairs are not made. In the case of the incinerator, officials may have no option but to bond for the project regardless of what the public decides.

Read the full story at the Republican-American.

Image via Shutterstock

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