Canton awarded highest possible bond rating

Canton is one of 22 Massachusetts communities that have achieved a AAA bond rating, the highest possible rating awarded by Standard & Poor’s.

As a result of the bond rating, Canton’s interest rate is now 2.4 percent, down from 2.8 percent last year, and will save approximately $200,000 in interest when the town borrows $6 million for various approved capital projects such as the Elm Street sewer project, Rodman building heating project, and the Rodman and CHS roof repairs.

Standard & Poor’s told Finance Director Jim Murgia that the town has strong real estate values, income levels, town reserves and financial management practices, as well as limited debt for future years. The agency did say that it would like to see the town set aside more money for employee retirements — a process that Murgia and FinCom began with last year’s budget and will continue in future years.

In other news:

* Selectman Sal Salvatori reported there are 41 articles in the May town meeting and the date for the town election is April 2.

* Selectmen approved a permit for Foley’s Backstreet Grill to hold a road race to benefit the Mass. Hospital School on Sunday, April 21, at noon.

* Selectmen endorsed a project by the Blue Hill Masonic Lodge to enhance Monument Park at the Canton Viaduct with walkway lighting and brick paving. Monument Park commemorates the historical significance of the Viaduct and the masons who helped build the structure.

* Town Administrator Bill Friel reported that the town could be eligible for emergency assistance from the Massachusetts Emergency Management Agency for costs incurred during the February 8-9 blizzard.

* Selectmen held a moment of silence in memory of Agnes Sykes, wife of George Sykes, mother of retired Police Officer Bob Sykes and grandmother of DPW worker Chris Sykes. Selectmen also remembered Carole Puopolo, wife of Attorney Ed Puopolo, who represented the Canton Housing Authority.

* Selectmen wished a happy birthday to 103-year-old Josephine Sylvester, a resident at the Hellenic Nursing home.

* Selectmen will next meet on Tuesday, March 19, at 7 p.m.

Short URL: https://www.thecantoncitizen.com/?p=19548

Posted by Canton Citizen on Mar 14 2013. Filed under News, Town Government. Both comments and pings are currently closed.