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Council authorizes up to $21M in limited obligation bonds and creates capital reserve funds
Summary
Council approved limited obligation bond resolutions (direct placement to Webster Bank) not to exceed $21 million at a capped true interest cost and adopted eight budget amendments creating capital reserve funds, including transferring $8 million into a new water supply capital reserve.
Finance Director Robert McKay presented two resolutions authorizing the town to issue limited obligation bonds through 2025 in a direct placement to Webster Bank for a combined amount not to exceed $21,000,000 with a true interest cost not greater than 5 percent. The borrowing would fund a range of capital priorities identified on the…
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