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The Town of Enfield recently completed the sale of bond anticipation notes and its refunding of the general obligation bond issue of 2014. The $25 million in bond anticipation notes will provide short term funding for projects previously approved by our voters, including the renovation of John F. Kennedy Middle School, the renovation of the Enfield High School and the Water Pollution Control Facility upgrades. In a bond refunding, the Town issues new bonds at a lower interest rate which are used to repay the bonds originally issued.
The Town received orders from twelve investors for the bonds and three investors for the bond anticipation notes. The bonds, which have a final maturity in 2034, were sold with an average coupon of 1.66% compared to 3.48% for the original issue. The lower interest rates will provide significant savings to the Town over the next 14 years. The bond anticipation notes were sold with a net interest cost of .4%.
S&P Global Ratings assigned the town a long-term rating of AA Stable for the Town’s 2020 General Obligation Refunding Bonds. This rating and the excellent interest rates reflect the Town’s strong financial positions and demonstrate investor confidence in the Town of Enfield. The results of the refinancing will be discussed at the August 3, 2020 Town Council Meeting which will be held virtually at 5 PM.