Town finances $35M in project bonding at low interest rate
Updated 7:58 am, Thursday, July 9, 2015
The town’s Aaa credit rating was recently reaffirmed by Moody’s Investors Service, enabling the town to finance a $35 million note sale at a 0.29 percent interest rate.
“It is a great testament to Fairfield’s fiscal prudence that Moody’s has reaffirmed our community with the highest rating we can achieve,” First Selectman Michael Tetreau said in a statement announcing the bond sale Wednesday. “The town is extremely pleased with the outcome of the note sale. I thank our financial management team for their sound management that has resulted in the town being able to fund projects with these low rates that will save taxpayer dollars.”
The Bond Committee, which consists of Tetreau, Selectman Sheila Marmion, Selectman Kevin Kiley, Town Treasurer Helen D’Avanzo and Fiscal Officer Robert Mayer, unanimously approved the note sale to Morgan Stanley.
Project funds included in the note sale include:
$1.7 million for the Fairfield Warde high School roof project.
$2.5 million in Superstorm Sandy repairs.
$3.5 million for Penfield Pavilion construction.
$7 million for Riverfield School construction.
$1.5 million for Osborn Hill School remediation.
$6.1 million in renovations at Fairfield Ludlowe High School.
$240,000 for street improvements in the Commerce Drive area.
$645,250 to extend school roof warranties.
The note sale also includes money for non-recurring capital projects in 2012 ($1.8 million); 2013 ($1.8 million); 2014 ($8383,177); 2015 ($2.5 million) and 2016 ($4.7 million).