HAMDEN - Today, Mayor Curtis B. Leng announced a successful $30.4 million bond sale, which refinances the Town’s outstanding notes and provides debt service savings in FY 2021 and FY 2022. The bond issue also provides the Town with additional funds for fiscal emergencies.
The bond issue, which will close on August 5, 2020, was insured by Build America Mutual Assurance Company. It provides the Town with $6.2 million of debt service savings in FY 2021 and $6.7 million in FY 2022. The bonds also provide for the refinancing of $16.5 million of outstanding notes due in August 2020, including interest, over 19 years. This transaction was completed with an all in interest rate of 3.01%.
"This is a huge step forward in improving the fiscal health of the Town of Hamden" said Mayor Leng. "This restructuring is the result of sound fiscal policy and we are confident that concerted efforts like this will translate into future investments in: education, economic development and improvements that support our neighborhoods and all of our residents."
"This restructuring is the first step of a multi-year plan to place the Town on the path towards fiscal health. We are optimistic that with additional common-sense financial policies, we are positive about the years ahead. I want to thank the Town Council for their support, our Financial Advisor, Bond Counsel and Finance team for the great work in making this happen"