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Tuesday, January 29, 2013

$6.99M Bond Sale Goes Off at ‘Favorable Rate’

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The Town of Westport today sold $6.99 million of 20-year general obligation bonds at a rate of 1.9 percent, described as a “highly favorable” rate.

Low bidder on the sale approved by a special meeting of the town’s Bond Committee and Board of Selectmen was FTN Capital Markets, a bank dealer and a division of First Tennessee Bank, NA, Memphis, Tenn. Its bid was 1.905283 percent with a $153,452 premium.

“This is a highly favorable rate and I congratulate the Finance Department and all those involved in making this happen,” said First Selectman Gordon Joseloff.

Moody’s Investors Services assigned a triple-A (Aaa) rating and stable outlook to the offering last week. (See WestportNow Jan. 24, 2013) The bonds will finance various school, water, and sewer improvements.

Posted 01/29 at 02:07 PM


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Note: WestportNow Publisher Gordon F. Joseloff is also First Selectman of Westport