Fairfield, CT - “I am proud to announce the Town received another AAA rating from Moody’s Investors Services and Fitch Ratings”, said First Selectwoman Brenda Kupchick.
The AAA rating enables the Town to borrow money at a low rate, saving taxpayer dollars. Moody’s specifically cited Fairfield’s “outstanding credit position” and that “the town’s economy and tax base are exceptionally healthy.”
The Town's annual bond and note sale was held virtually on Wednesday, June 23, with members of the bond committee, Selectwoman Nancy Lefkowitz, Town Treasurer Chris Tymniak, as well as CFO, Jared Schmitt. Long-term bonds in the amount of $28,395,000 and short-term notes in the amount of $13,855,000 were sold on the competitive market. Janney Montgomery Scott submitted the winning bid, with a record-low interest rate of 1.80% for the 20-year bonds, which will help to reduce interest costs for taxpayers in future years.
The proceeds from the issuance will provide much needed funding for schools, general purpose and sewer improvements. There were several notable projects in this financing, including the Mill Hill School expansion, road paving, and the Wastewater Treatment Plant Resiliency Project. The list of projects also included $1.4 million to help with the remediation of various sites that were contaminated during the Fill Pile scandal.
Matthew Spoerndle from Phoenix Advisors, the Town’s Municipal Advisor said, “These are excellent results for the Town. The number of bidders and exceptionally low rates is a testament to the Town’s AAA rating and continued prudent financial management. Congrats to the Town!”