Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Foxborough approves $18.99 million bond sale; average homeowner impact estimated at $194 next year
Summary
Finance Director Marie Alovva reported the town sold bonds with a 3.925% average interest rate, borrowing $18.99 million after a $960,000 premium; S&P assigned a AAA rating and the estimated FY26 tax‑bill impact on the average single‑family home is $193.72.
The Foxborough Select Board on June 10 approved the details of a municipal bond sale that will borrow $18.99 million for three identified projects.
Finance Director Marie Alovva reported the town received 12 bids at the sale; the winning bidder, BFA Securities, offered an average interest rate of 3.925% and a premium of $960,000 that reduces the amount to be borrowed from the authorized $19.95 million to $18.99 million. S&P assigned the bonds an AAA rating, which Alovva attributed to the town’s strong reserves, stable local economy and sound financial management.
Alovva told the board that debt service for the three projects will begin in FY26 and that, using the Division of Local Services calculator, the estimated tax‑bill impact for the average single‑family home (assessed at $645,717) is $193.72 in FY26. The bonds mature June 15, 2045, and the town selected level debt service for the issue.
The board voted to approve the bond issue details and authorized the treasurer to proceed with closing arrangements and required signatures.
