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Council authorizes chair to accept bond award for transfer‑station solar array
Summary
The council authorized the chair (or her designee) to accept the town’s bond bid on July 9 for financing the final construction of a solar array at the Bedford Transfer Station landfill. Councilors also heard an update on Moody’s review of the town’s bond rating.
The Bedford Town Council on June 11 authorized Council Chair Laurie Radke, or her designee, to accept the winning bid or bids for a 2025 bond sale on July 9 that will finance completion of a solar array at the Bedford Transfer Station closed landfill on Chebbeck Road.
Town Manager Rick Sawyer and Finance Director Matt (last name not stated on the record) described the procedural step: voters previously authorized the bonding amount and the council must now authorize a council member to be present and accept an award after bids are opened. Sawyer described the process as the standard approach for municipal bond sales and said the financial advisor will coordinate the bid process, which is currently scheduled for July 9.
Sawyer updated the council that Moody’s is conducting a rating review and that Bedford’s rating has been triple‑A in prior reviews; staff were finalizing materials for Moody’s virtual review, with the rating expected by June 30. He said the town’s unassigned fund balance had been reduced from higher levels five years ago and is now “in the 12% range.” He noted Moody’s has introduced a scorecard that affects how points are calculated since the last full onsite review.
Councilor Bill Carter moved that the council authorize the chair or her designee to accept an award of the 2025 bond bid(s) on July 9; Councilor Michael Strand seconded. Chair Radke called for the vote and the motion passed 7‑0.
Councilors asked whether the electric trash compactors that appeared in the warrant article remain part of this bid; staff replied those items are not included because they have not been designed and therefore are not ready to be bid. Staff also said if the compactor project proceeds in the future the council could seek separate bonding authorization at that time.
