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The original item was published from 7/22/2021 9:25:00 AM to 8/7/2021 12:00:00 AM.

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Posted on: July 22, 2021

[ARCHIVED] Town of Enfield Receives Low Interest Rates on Bond and Note Pricing

The Town of Enfield recently completed the sale of bond anticipation notes and general obligation bonds.  The $10 million in bonds finances work completed on the John F. Kennedy Middle School and Water Pollution Control Facility projects which were previously approved by our voters. The $27.5 million in bond anticipation notes will provide short term funding for the ongoing portions of those projects. 

The Town received bids from six investors for the bonds and eight investors for the bond anticipation notes. The bonds, which have a final maturity in 2041 were sold with a true interest cost of 1.571%.  The bond anticipation notes were sold with a net interest cost of .0887%. 

S&P Global Ratings issued the town a long-term rating of AA Stable for the Town’s 2021 General Obligation Bonds and a short-term rating of SP-1+ on its Bond Anticipation Notes.   S&P Global also affirmed their AA Stable and SP-1+ ratings for the town’s existing debt.  SP-1+ is their highest short term rating and indicates a very strong capacity to pay the principal and interest.  AA is their third highest rating and indicates that the Town has a very strong capacity to meet its financial commitments.   

These ratings and the excellent interest rates reflect the Town’s strong financial positions and demonstrate investor confidence in the Town of Enfield. 

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