​City Secures $14M in Bonds for Capital Projects

CONCORD, NH — The city of Concord received 10 competitive bids yesterday on a $14,135,000 24-year general obligation bond issue that will be used for various capital projects, according to the city manager's office. J.P. Morgan Securities, LLC, purchased the bonds at an average interest rate of 2.439 percent.

Also on Jan. 11, 2017, the city received four competitive bids for $1.71 million in bond anticipation notes. Century Bank purchased the notes with a net interest cost of 1.22 percent.

The proceeds will be used for the installation of underground utilities in conjunction with the Main Street project.

Prior to the sale, according to a statement, Standard & Poor’s Ratings Services affirmed the city’s bond rating of AA+ for existing bonds, issued a rating of AA+ for the GO bond sale, and assigned a rating of SP-1+ for the Bond Anticipation Notes (the highest short term rating attainable).

"The rating report cited the City’s strong economy, very strong management with strong financial policies and practices, very strong budget flexibility, very strong liquidity and strong institutional framework as positive credit factors," the city manager's office noted.