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Select Board OKs sale of bond anticipation notes for municipal and airport projects

5406719 · January 3, 2025

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Summary

The board approved two series of bond anticipation notes — a $30 million municipal series awarded to JPMorgan Securities and an airport series awarded to Fidelity Capital Markets — with competitive net interest costs.

The Nantucket Select Board on July 16 approved the sale of two series of bond anticipation notes to fund municipal and airport projects and authorized the town to close the sale.

Finance staff told the board the town asked for two series: Series A for general municipal purposes and Series B for airport-related projects. The recommended award for Series A was to JPMorgan Securities LLC for just over $30,000,000 with a net interest cost of 2.7616 percent; the recommended award for Series B was to Fidelity Capital Markets with a net interest cost of 2.8522 percent. Staff said Hilltop was pleased with the very favorable rates achieved during the sale conducted last week.

A motion to approve the awards as presented in the meeting packet passed on a unanimous roll-call vote of the four members present. Town staff requested concurrence so the town could make the awards and close the sale.