Sale of Bonds

2023 Bond Sale

The Town sold $49,810,000 in tax exempt bonds on August 2, 2023 with a true interest cost of 3.1285% over a 30 year life.  The capital projects for this sale include Fiber Buildout, Conners Emerson Architectural Plans, Solar Array, Water and Sewer Infrastructure upgrades as well as two refunded bonds from 2011 and 2013.

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.