Torrington treasurer outlines bond timeline, rate call Feb. 3 and March 13 sale; remaining 2018 bond funds and school financing discussed

Torrington — The city treasurer updated the Board of Finance on Jan. 21 about the timetable for the city’s 2025 bond issuance and other capital-financing plans, telling members that the bond-rating interview with Standard & Poor’s is scheduled for Feb. 3 and a bond sale is targeted for March 13.

The treasurer said the preliminary official statement for the 2025 bond issuance is under review and the finance team will complete that process before distributing it to potential bidders. The treasurer anticipated the official statement process would conclude by Feb. 14. He said a bond rating interview on Feb. 3 will let rating agencies ask questions about recent municipal financial activity; staff noted the interview materials generally draw on information available before the revaluation is finalized, so the grand-list growth may not be reflected in the rating book unless staff can add supplementary materials.

The treasurer reviewed the city’s remaining work from the 2018 referendum bond authorization — approximately $3.9 million left to fund roadwork, schools and animal-control projects — and said the city expects to wrap up that prior authorization. He also described plans to use short-term notes to bridge financing for remaining high-school construction costs rather than a long-term bond, citing potentially lower short-term interest costs.

Board members asked whether previously authorized referendum amounts expire if not fully spent; staff explained that bond proceeds must be used within 24 months of deposit and that multi-year capital plans typically draw on the authorization in phased expenditures. The treasurer and council staff agreed to confirm whether unused referendum authorization would formally sunset or remain available for later issuance and to report back.

Members also discussed adding a roughly $700,000 authorization tied to a middle-school roof into the current financing plan; staff said they believed that authorization was included but would confirm with the bond counsel and fiscal staff. Finance staff also said that remaining refunding/refinancing work and any additional amounts needed for school construction should be considered as the team finalizes the 2025 offering.

The treasurer and finance staff will continue to refine the official statement and coordinate with bond counsel and rating agencies ahead of the Feb. 3 interview and the March bond sale.