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Town reviews long-term debt model; advisors offer flexibility tools to smooth spikes
Summary
Bond counsel and the town’s municipal advisor reviewed Simsbury’s 15-year capital/debt model, recommending options — capture bond premium, stagger issuance, vary amortization terms, or use short-term notes — to limit mill-rate spikes while preserving AAA credit metrics.
Bond counsel and the town’s municipal advisor briefed the Board of Finance on Oct. 21 about the town’s long-term capital and debt model and a set of financing tools the town can use to avoid sharp debt-service spikes while protecting its AAA credit rating.
Glenn Rybakki of Coleman & Connolly (bond counsel) and Barry Bernabe of Phoenix Advisors walked the board through a 15-year model prepared by the finance director that showed existing amortizations, planned annual borrowings (the board’s target of about $5 million per year), and projected debt-service peaks and valleys. Amy, the finance director, explained the spreadsheet assumptions including a 3% annual operating-budget growth assumption and…
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