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Chelmsford approves $11.6 million bond sale and $19.3 million notes after AAA rating reaffirmed
Summary
The Select Board unanimously approved the sale of $11,615,000 in general obligation bonds and $19,272,739 in bond anticipation notes and ratified related disclosure and post-issuance compliance steps after Standard & Poor’s reaffirmed the town’s AAA rating.
Chelmsford’s Select Board unanimously approved the sale of $11,615,000 in general obligation municipal purpose bonds and $19,272,739 in bond anticipation notes at its June 29 meeting after being informed that Standard & Poor’s had reaffirmed the town’s AAA long-term credit rating.
Acting Town Manager John Sousa reviewed the results of the June 23 bond and note sales and asked the board to ratify the sales and related documents. The board voted 5–0 to approve the bond sale to TD Financial Products LLC and the note sale to Huntington Securities, Inc., and to ratify the Preliminary and final Official Statements as presented.
The votes also authorized continuing disclosure undertakings and post-issuance federal tax compliance procedures, in forms approved by bond counsel and the Town Treasurer, to monitor and maintain the tax-exempt status of the debt. The board authorized electronic execution of transaction documents and allowed counterpart signatures by electronic transmission.
Select Board members adopted the financing plan’s determinations of maximum useful life and financing amounts for departmental equipment to be funded in part from bond proceeds, including highway sanders/plow trucks, sidewalk snow removal equipment, and a cemetery backhoe. The motion and related votes were unanimous.
No board member opposed the measures, and the approvals mean the town will move forward with the stated capital equipment purchases and debt issuance under the terms presented to the board.
