Sale of Bonds
2020 Bond Sale
The Town sold $1,850,000 in tax exempt bonds on April 15, 2020 in a competitive bid sale to refund its 2010 Public works bonds. The lowest bid came in at 1.12% TIC (true interest cost) over a 10 year remaining life. The bonds to be retired are $2,150,000 and the Town will utilize its receipt of bid premium to reduce the remaining new principal that was financed.
2019 Bond Sale
The Town sold $4,100,000 in bonds on March 19, 2019 in a competitive bid sale for two projects; the purchase of the Ferry Terminal land for $3.5 million and the purchase of a parking meter system for $600,000 for the downtown streets and lots. The lowest bid came in at a 2.48% TIC (true interest cost) over a 20 year life (5 yrs for the meters). Part of the sale was deemed ‘taxable’ since a portion of the land acquisition ($1,225,000) would be private use; i.e., for Bay Ferries. That TIC was 3.41% over 20 years.
2017 Bond Sale
The Town sold $3,070,000 in bonds on October 31, 2017 in a competitive bid sale for three projects; the renovations of its Solid Waste Transfer Station, the balance needed for purchase of a new ladder truck and additional renovation monies needed to fix the floor at the Public Safety building. The lowest bid came in at a 2.49% TIC (True Interest Cost) over a 20 year life for two of the projects while a 15 year amortization was used for the Fire truck. Coincidentally, the interest cost mirrors the last bond sold in 2015 with a net interest cost also @ 2.49%.
2015 Bond Sale
The Town sold $2,970,000 in bonds on August 25, 2015 in a competitive bid sale for the renovations of its Public Safety Building, certain Rte #3 Water Main improvements as well as re-financing it's 2005 bonds, with no extensions of final maturity. The lowest bid came in at a 2.49% TIC (True Interest Cost) over a 20 year life for the two respective projects and 10 years for the refinancing.
2014 Bond Sale
The Town sold $2,442,000 in bonds on August 6, 2014 in a competitive bid sale for the renovations of its Municipal Building as well as for its wayfinding signage project for the downtown area. The lowest bid came in at a 2.70% TIC (True Interest Cost) over a 20 year and 14 year life for the two respective projects.
2013 Bond Sale
The Town sold $3,350,000 in bonds for the new Public Works Complex on August 13, 2013 in a competitive bid sale. The lowest bid came in at a 3.38% TIC (True Interest Cost) over a 20-year life.
2011 Bond Sale
The Town sold $5,055,000 in sewer / water bonds on August 23, 2011 in a competitive bid sale. The lowest bid came in at a 2.43% TIC on the consolidated package ($2,515,000 10 year refinance bond and $2,540,000 20-year bond).
2010 Bond Sale
The Town sold $4.3 million in bonds on May 4, 2010 in a competitive bid sale. The lowest bid came in at a 3.42% TIC over a 20-year life.