TREASURERS NOTICE BULLETIN BOARD
March 23, 2012
For Immediate Release
For Further Information, Contact:
Floyd S. Carman, Treasurer
19 Moore Street
Belmont, MA 02478
Tel: (617) 993-2782
Town of Belmont $9,956,000 Refunding Bonds Saves $1,395,558
Floyd Carman, Town Treasurer, announced that the Town received competitive bids from bond underwriters on Tuesday, March 20, 2012, for a $9,956,000 12-year refunding bond issue. J.P. Morgan Securities LLC was the winning bidder on the Bonds with an average interest rate of 1.81%. The Town received 7 bids on the Bonds. Bond proceeds will be used to refinance bonds of the Town originally issued on August 15, 2002, and June 15, 2004.
The refunding bonds will generate total savings for the Town of $1,395,558 over the next twelve years.
Prior to the sale, Moody’s Investor Services, a municipal bond credit rating agency, assigned the Town’s bonds a rating of Aaa, the highest rating attainable. The rating reflects the Town’s structurally balanced-operations, adequate reserve levels, and moderately-sized tax base with strong socioeconomic indices as positive credit factors.
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.