Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds topic
No spam. Unsubscribe anytime.
Saugus selectmen approve $4.775 million municipal bond sale
Summary
The Saugus Board of Selectmen voted 5–0 to approve the sale of a $4,775,000 General Obligation Municipal Purpose Loan of 2026 to Brownstone Investment Group, authorizing the bond schedule, continuing disclosure under SEC rules and post-issuance tax compliance procedures.
The Saugus Board of Selectmen voted 5–0 on June 17, 2026, to approve the sale of a $4,775,000 General Obligation Municipal Purpose Loan of 2026 to Brownstone Investment Group, LLC.
Mrs. Hatch appeared with the Town Manager to present the bond terms and answer questions. Selectman Jeffrey Cicolini made the motion to approve the sale at a price of $5,193,583.50; the motion was seconded by Chairman Debra Panetta and carried unanimously. The approved principal and interest schedule runs from 2027 through 2046, with interest rates largely at 5.00% in earlier maturities and 4.00% in some later years, as detailed in the Official Statement.
The Board ratified the Notice of Sale and Official Statement, authorized the Town Treasurer and Board to execute a continuing disclosure undertaking in compliance with SEC Rule 15c2-12, and directed the Town Treasurer to establish or update post-issuance federal tax compliance and continuing disclosure procedures to monitor tax‑exempt status. The Board also authorized execution and delivery of bond documents in counterparts and the use of electronic signatures where appropriate.
The vote authorizes select Town officials to take all actions necessary to carry out the sale and closing. No public comment was offered on the issue at the meeting. The bond sale and related documentation will proceed as authorized; the Board did not identify additional follow-up at the meeting.
