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Milton town treasurer outlines bonding timetable; CPC to add bond article for Town Meeting
Summary
Milton Town Treasurer Johanna McCarthy briefed the Community Preservation Committee on an upcoming bond issuance expected in Aug./Sept. that will go to Town Meeting in May; she estimated $72k–$82k in annual debt service for a $750,000, 15‑year bond at 4.5% and said adding a CPC bond to the issuance reduces pro‑rated administrative costs.
Johanna McCarthy, Milton’s town treasurer, briefed the Community Preservation Committee on the town’s planned bond issuance and what it would mean for CPC-funded projects.
McCarthy said the town expects to include funding for the town’s Fire Station and Cunningham School in an issuance scheduled for August or September, with Town Meeting review and approval in May. The town uses UniBank Fiscal Advisory Services, Inc. (UFASI) to manage bonding; McCarthy said adding another bond request to the same issuance would reduce UFASI administrative costs by spreading them pro rata across projects, and that the administrative cost to the CPC alone would be “several thousand dollars” (estimate provided in the meeting).
She estimated that the debt service on a possible $750,000, 15‑year bond at an interest rate of 4.5% would range from about $72,000 to $82,000 per year, depending on whether the bond is issued with level debt service or level principal. McCarthy identified the need for follow-up research on several committee questions and said she would respond to Chair Thomas Callahan with additional details.
Separately, Peter Jackson reviewed two draft Town Meeting articles he had prepared: a 2026 Budget Article and a Project Funding Article. Members agreed a third article will be needed to cover the CPC’s bond recommendation should the committee forward it; Jackson offered to present proposed wording at the next meeting.
Next steps: McCarthy will provide answers to outstanding questions about administrative costs and bond structure; Peter Jackson will draft the CPC bond article wording for the Town Meeting warrant.
