Town of Boxborough, MA $2,415,000 Bonds Net 2.898%

Carter Terenzini, Interim Town Administrator, announced that the Town received competitive bids from bond underwriters on Tuesday, April 26, 2022, for a $2,415,000 14-year general obligation bond issue. Piper Sandler & Co. was the winning bidder on the Bonds with an average interest rate of 2.898%. The Town received a total of 5 bids on the Bonds. Bond proceeds will be used to fund various municipal projects including the refurbishment and development of new play fields and facilities at Liberty Field, the acquisition of a new fire engine, and road improvements.

Prior to the sale, S&P Global Ratings, a municipal credit rating agency, affirmed the Town’s ‘AAA’ bond rating, the highest rating attainable. The rating agency cited the Town’s strong budgetary performance, strong reserve levels, and manageable debt profile as positive credit factors. Mr. Wesley Fowlks, Chairman of the Select Board said, “I want to thank the voters of the community for authorizing this investment in the Town’s future and for the Finance Team working cohesively to get the debt placed at such a low interest rate in the current economic climate.”

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.