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Town discusses short-term note and future certificates of obligation to preserve debt capacity for police facility
Summary
Staff and financial advisor presented a financing strategy: a short-term tax note (around $500,000) to fund pre‑construction studies for a police facility and the possible issuance of certificates of obligation next year to include construction without increasing the town’s I&S tax rate.
Town financial adviser Hilltop Securities and staff presented an overview of the town’s existing debt profile and a proposed two-step financing strategy to preserve the town’s interest-and-sinking (I&S) tax capacity.
Advisor Nick Boulash reviewed the town’s outstanding debt, the town’s S&P AA+ rating and how the town’s debt amortization schedule creates a drop in debt service obligations in 2029 and 2032 that provides capacity to absorb new debt. He…
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