Yarmouth Finance Committee reviews $32.545M bond sale and hears reassurance on debt capacity

At the April 28 Finance Committee meeting, Finance Director Jennifer Mullen reviewed the town's Final Official Statement for a $32,545,000 general obligation bond sale and summarized the results for committee members.

Mullen said the bonds carry a 20-year repayment schedule and that the sale was well received by investors; the winning bid yielded a net interest rate of 3.146 percent. The Final Official Statement and related maturity schedule were distributed to committee members prior to the meeting.

Committee member George Perkins asked whether Yarmouth can manage debt service if several proposed capital projects proceed, citing estimates discussed in the meeting including a potential new library (Article #13, approximately $21 million), an elementary school alternative (approximately $51 million), and wastewater projects (Phase 1 approximately $30 million and Phase 2 approximately $60 million). Mullen and meeting notes referenced an analysis by Town Administrator Bob Whritenour presented in the FY27 budget materials and said the town would remain within its statutory debt limit of 5 percent of assessed valuation.

Simon and the committee praised Mullen's role in the financing and processing of reimbursements for ongoing projects. The committee did not take a formal vote on the bond issue at this meeting; the report was an informational update and part of the Finance Director's regular briefing to the committee.