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Finance committee hears update on fire substation bond, timeline tied to special legislative act
Summary
Officials told the Finance Committee they plan to go to market for a bond to finance a fire substation, but a recent change in S&P rating criteria and a pending special legislative act to permit a school property transfer could affect timing and terms; bids are due in January and construction would take about 18–24 months if financing and land transfer proceed.
Finance Committee members were briefed on plans to finance a proposed fire substation and on schedule risks tied to financing and land acquisition. The committee’s financial advisor (identified by members as Unibank/UFASI) told town staff that S&P changed its rating criteria about three months ago, which may prevent the town from reaching a AAA bond rating even if the town remains in the strong AA+ range. “They changed their greetings about 3 months ago, probably not in our favor,” Member (Speaker 3) said, summarizing the advisor’s…
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