Town of Belmont $28,962,000 Bonds Net 2.951%

April 16, 2014

 

For Immediate Release

For Further Information, Contact:

Floyd S. Carman, TreasurerTown Hall 455 Concord AvenueBelmont, MA 02478Tel: (617) 993-2782

 

Town of Belmont $28,962,000 Bonds Net 2.951%

Floyd Carman, Town Treasurer, announced that the Town received competitive bids from bond underwriters on Tuesday, April 8, 2014, fora $28,962,000 20-year bond issue. Morgan Stanley & Co, LLC was the winning bidder on the Bonds with an average interest rate of 2.951%. The Town received 8 bids on the Bonds. Bond proceeds will be used to finance construction and upgrades to the Belmont Municipal Light Plant, water main replacement, field repairs and vehicle replacements.

Prior to the sale, Moody’s Investor Services, a municipal bond credit rating agency, assigned a rating of ‘Aaa’ to the bonds, the highest rating attainable. The rating reflects the Town’s healthy financial operations which are bolstered by strong reserve levels, moderately-sized tax base with strong wealth indicators and a manageable debt position.

The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, First Southwest Company, at 54 Canal Street in Boston, Massachusetts.