Concord’s $18,405,000 General Obligation Municipal Purpose Loan of 2022 Bonds, Net 3.284%

Colleen Rhinhart, Interim Town Treasurer, received competitive bids from bond underwriters on Tuesday, May 24, 2022 for a $18,405,000 20-year bond issue. Morgan Stanley & Co, LLC was the winning bidder on the Bonds with an average interest rate of 3.284%. The Town received a total of 11 bids on the Bonds. The Bond proceeds will be used to finance various capital projects.

Prior to the sale, Moody’s Investors Service, a municipal bond credit rating agency, affirmed the Town’s “Aaa” underlying rating, the highest rating attainable. The rating agency cited the Town’s wealthy and favorably located tax base, stable financial operations with healthy reserves, strong fiscal management and a history of voter support for operating overrides and debt exclusions to Proposition 2 ½ as positive credit factors.

The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.