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$3,875,000 in Arlington bonds, some affecting Symmes, net 2.83% |
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Written by news release
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Monday, 18 August 2008 |
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 Town Treasurer Stephen Gilligan received competitive bids from bond underwriters on Aug. 19 for a $3,875,000 10-year bond issue. Eastern Bank Capital Markets submitted the winning bid on the bonds with an average interest rate of 2.83%. The town received nine bids on the bonds. Proceeds of these bonds will be used to finance various municipal projects, including Symmes.
A news release from Gilligan's office reported that, concurrent with the bond sale, the town received competitive bids
on $5,185,000 tax-exempt bond-anticipation notes as well as $1,310,000
taxable bond-anticipation notes, both in connection with the Symmes
project. The tax-exempt issue received an interest rate of 1.68%, while
the taxable issue received an interest rate of 3.80%.
Before the sale, Standard and Poor’s Ratings Group, a municipal bond
credit rating agency upgraded the town’s bond rating two notches from
AA to AAA, the highest rating attainable. The report from Standard
& Poor’s cited several key factors contributing to the upgrade,
including “the Town’s strong property tax base over the past several
years, the region’s strong economic fundamentals, and management’s
demonstrated ability to maintain consistent operating results and very
strong reserves.”
Also before the sale, Moody’s Investors Service, another municipal
bond credit rating agency, affirmed the town’s bond rating of Aa2. The
rating reflects the town’s sizable tax base with above-average wealth
and income levels, a strong and well-managed financial position and a
manageable debt burden as positive factors.
The bids for the bonds were accepted at the offices of the town’s
Financial Advisor, First Southwest Co., 54 Canal St.,
Boston.
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Last Updated ( Thursday, 21 August 2008 )
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