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Concord approves $39.56 million bond sale to fund middle school tranche; KeyBank selected
Summary
The Select Board approved the sale of general obligation bonds totaling $39,561,000 with KeyBank Capital Markets as purchaser; approximately $35 million will finance the middle school tranche, with a net premium that reduces the borrowing need.
The Concord Select Board approved a bond sale on Monday that will support the town's middle school financing and related capital needs.
Finance staff reported a bond issuance of $39,561,000 and said 14 bids were received; KeyBank Capital Markets was the winning bidder with a total interest cost near 3.45 percent and the sale produced a net premium of about $2.83 million. Finance staff said roughly $35 million of the proceeds are designated for the middle school project and that the premium reduces the amount required to be borrowed for that tranche.
The board voted to approve the bond issuance, authorize continuing disclosure and other procedural documents, and ratify execution of final documents by the town treasurer and officials. The resolution also authorized post‑issuance federal tax compliance procedures and continuing disclosure undertakings required under applicable SEC rules.
Town officials said the sale produced interest rates and pricing in line with expectations and that the premium covered issuance costs and created room to fully pay certain road improvement and parking lot authorizations without additional borrowing.
The motion to approve the bond sale was moved, seconded and approved by voice vote; staff will execute the final documents in coordination with bond counsel and the treasurer.
