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Charlton officials outline timeline and financing hurdles for proposed fire substation
Summary
Finance Committee and town staff discussed bond timing, construction schedule and a pending special legislative act needed to transfer school-owned property for a proposed fire substation, and heard that rating criteria changes could affect borrowing costs.
Town of Charlton officials on the Finance Committee discussed plans to go to market for financing and bids for a proposed fire substation and highlighted several timing and financing conditions the town must monitor.
Town staff told the committee they met with the town’s financial adviser and learned that S&P Global Ratings recently changed criteria used for municipal bond ratings, placing more emphasis on regional median income and pension/OPEB funding levels. Staff said the town still expects to “probably still maintain a strong double A plus” rating but that moving to a triple-A rating looks unlikely under the new criteria.
Officials outlined a project and financing timeline.…
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