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Select Board authorizes $6,150,000 general obligation municipal loan; bond sale awarded to Raymond James
Summary
Select Board approved the sale and issuance of $6,150,000 in general obligation municipal bonds, with Raymond James & Associates purchasing the bonds; vote was unanimous and signatures were collected as required.
The Acton Select Board voted unanimously on May 12, 2025, to approve the sale and issuance of $6,150,000 in general obligation municipal purpose bonds of 2025. The town’s bond rating was reaffirmed at AAA prior to the sale, and Raymond James & Associates Inc. was the winning bidder.
Treasurer’s report and sale terms: town staff reported a successful marketing period and 11 bids; Raymond James offered the lowest effective yield. The bonds were sold at a price that produced a net effective yield of approximately 3.517 percent; a premium reduced the town’s overall borrowing cost. The vote approved the bond sale to Raymond James at the price and terms set out in the official statement and authorized town officials to execute closing documents, continuing disclosure undertakings, and post-issuance tax compliance procedures.
Personnel note: Treasurer Teresa O’Leary told the board she will accept a position in another community; staff announced an internal interim treasurer arrangement and that Mary Anne (last name not specified in the record) will serve in the treasurer role for closing and immediate needs while a permanent recruitment proceeds.
Action taken: a Select Board member moved to approve the issuance and sale; the motion was seconded and passed by unanimous voice vote. Signature pages were circulated for required closing documents to complete the transaction before the settlement deadline.
Why it matters: the bond will fund previously authorized municipal projects and was sold at a favorable market rate for the town; the transaction required board approval and was accompanied by administrative steps to preserve tax-exempt status and continuing disclosure obligations.
