Town Issues Bond Notes

Concord Treasurer Tony Logalbo issued a sale of Bond Anticipation Notes on March 19. The solicitation was part of a competitive bidding process.

The notes are for one year and the low bid was submitted by TD Securities at a net interest cost of .4 percent.

"I am confident we will spend the money in a year, but sometimes not all of it is spent," said Logalbo.

The sale was $5.45 million. The town has a AAA rating, meaning it is a safe bet tjhat the town will not default on its obligations.

He noted that the interest rate is "less than one-half of one percent."

"That is the lowest we have ever seen, and I do mean ever," said Logalbo.

He said $4 million will be put toward the smart grid at the light plant plus a contingency. He said $200,000 will go toward the final punch list of items at the Willard School; $250,000 for sidewalks on Lowell Road and $1 million for fire station design and improvements.

Logalbo said eight bids were received. He said the triple-A rating makes Concord one of 16 Massachiusetts municipalities to hold this Moody's rating distinction.

The selectmen voted to approve the sale of the "short term" BANs. They are payable on May 26, 2011.