Town Approves $4 Million Bond Sale

The Town of Needham approved a sale of the $4,000,000 General Obligation Municipal Purpose Loan of 2010 (bonds of the Town) to Eastern Bank Capital Markets at a price of $4,094,844.15.

The sale, which went into effect Tuesday, came through the work of David Davison, Needham's director of finance, and Evelyn Poness, treasurer. The sale, which also includes accrued interest, if applicable, was made official by the signatures of the Board of Selectmen last week.

"We're pleased to report that the Town was able to sell these bonds," said Davison. "We know interest rates are exceptionally low and we want to save the taxpayers some taxes."

The bonds will be paid on Dec. 1 of the following years at the following amounts and interest rates:

• 2010- $530,000- 2.00%
• 2011- $530,000- 2.00%
• 2012- $520,000- 3.00%
• 2013- $515,000- 2.00%
• 2014- $385,000- 2.00%
• 2015- $205,000- 2.50%
• 2016- $205,000- 2.50%
• 2017- $205,000- 2.75%
• 2018- $205,000- 3.00%
• 2019- $200,000- 3.00%
• 2020- $100,000- 3.00%
• 2021- $100,000- 3.25%
• 2022- $100,000- 3.50%
• 2023- $100,000- 3.50%
• 2024- $100,000- 3.50%