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(Middleton, MA) – Nick Federico, Town Treasurer, announced that the Town received competitive bids from bond underwriters on Tuesday, November 30, 2021 for a $62,415,000, 30-year general obligation bond issue. Fidelity Capital Markets was the winning bidder on the Bonds with an average interest rate of 2.05%. The Town received a total of 11 bids on the Bonds. Bond proceeds will primarily be used to finance the Town's public facilities complex, along with various other municipal projects.
“This is excellent news for the Town,” said Treasurer Nick Federico. “Coming on board late into this process, this is due to the hard work of our Finance team including the Select Board, Finance Committee, Finance Director/Town Accountant Sarah Wood, and Town Administrator Andrew Sheehan.”
Prior to the sale S&P Global Ratings, a municipal credit rating agency, assigned a rating of ‘AA+’ to the Bonds. The rating agency cited the Town’s affluent local economy, strong management practices and policies, and strong financial position with maintenance of very strong reserves as positive credit factors.
“We are very excited about the affirmation of our AA+ bond rating and the competitive interest rate of the winning bid,” said Town Administrator Andrew Sheehan. “We look forward to providing the residents with updates about the municipal facilities complex in the coming months and working with the Select Board and Finance Committee to maintain the high standards the community expects.”
The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.