Barnstable To Auction $12M In Bonds To Financial Institutions

From the Town of Barnstable:

February 4 2020

Barnstable, MA – The Town of Barnstable announced today that it plans to sell bonds on Wednesday, February, 5, 2020.

According to Debra Blanchette, the Town’s Treasurer, Barnstable expects to offer $12.13 million of General Obligation (G.O.) bonds via competitive sale. Financial institutions will bid on the bonds in the auction, and the winning financial institution will then re-offer them to investors. Proceeds of the sale will be used to fund a number of general purpose infrastructure projects across the Town.

Barnstable has recently launched a new investor website, www.BarnstableInvestorRelations.com, to provide additional transparency around its bond program for bond investors and taxpayers. Details of the bond sale, including the Preliminary Official Statement, are available on the website and are free to access.

Proceeds from the bond sale will finance several town-wide capital improvement projects including school athletic fields, town facility and transportation improvements, land acquisition and drinking water pipe replacements.

Barnstable’s General Obligation bonds are rated AAA by S&P Global, which is the highest possible bond rating and reflects the strength of the Town of Barnstable’s economic and financial position. Other members of the finance team include Hilltop Securities Inc., the Town’s Municipal Advisor, and Locke Lord LLP, its bond counsel.

This press release was produced by the Town of Barnstable. The views expressed here are the author’s own.