Concord's $7,680,000 General Obligation Municipal Purpose Loan Of 2021 Bonds, Net 0.692%; Refunding

Press release from the Town of Concord:

May 17, 2021

Kerry Lafleur, Town Treasurer, received competitive bids from bond underwriters on Wednesday, May 12, 2021 for a $7,680,000 10-year bond issue. J.P. Morgan Securities LLC was the winning bidder on the Bonds with an average interest rate of 0.692%. The Town received a total of 11 bids on the Bonds. The Bond proceeds will be used to finance various capital projects and refinance bonds of the Town originally issued May 17, 2011. The refinancing will generate gross budgetary savings of $93,890 over the remaining life of the bonds refunded.

Prior to the sale, Moody’s Investors Service, a municipal bond credit rating agency, affirmed the Town’s “Aaa” underlying rating, the highest rating attainable. The rating agency cited the Town’s wealthy and favorably located tax base, stable financial operations with healthy reserves, strong fiscal management and a history of voter support for operating overrides and debt exclusions to Proposition 2 ½ as positive credit factors.

The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.

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