BOS highlights: Canton retains AAA bond rating
By Mike BergerThe town of Canton has received some more positive financial news as Standard & Poor’s (S&P) recently reaffirmed its AAA bond rating — the highest rating given to a municipality — which in turn led to lower than expected interest rates.
Finance Director Jim Murgia, in his final year before he retires, sought authorization on Tuesday to borrow over $8 million for nine capital projects and to refinance 2011 bonds at the new lower rate. Last year, the town received an interest rate of 2.26 percent for a 12-year bond. Because of its excellent rating and its track record of fiscal responsibility, Canton was offered, and subsequently accepted, a low bid of 2.16 percent from the Bank of New York-Mellon. Murgia said the lower rate is noteworthy because bond rates are generally higher compared to last year. Murgia said the refinancing of the 2011 bonds will save the town $350,000 in debt service costs.
The newly issued bonds will pay for repairs to the Reservoir Pond and Old Shepard Street dams, Council on Aging buses, the town’s Wi-Fi backbone, CHS rooftop HVAC unit, road work on Colts Crossing, Knob Hill Estates and Washington Commons, and the purchase of parkland at the Paul Revere Heritage Site.
In other financial news, selectmen announced the establishment of a formal search committee to find a replacement for Murgia, who plans to retire at the end of this year. The committee will include Selectmen Chairman Mark Porter, a member of the Finance and School committees, and other town staff members.
In other news from the April 23 meeting:
* Selectmen are urging anyone who plans to vote on the pool reconstruction article at the upcoming annual town meeting to attend an information night either on Thursday, April 25, or Monday, April 29, at 7 p.m. at the Canton Public Library. In other pool-related news, Chairman Porter said the Waterfall Hills easement article will in fact move forward at town meeting as approval of the article would empower selectmen to negotiate with the company regardless of action taken by voters on the pool reconstruction. At the board’s previous meeting, Waterfall representatives had indicated plans to postpone the article until the pool matter had been resolved. Owners of the Waterfall Hills housing development, which abuts the town pool site on Bolivar Street, is seeking the easement in order to make the entrances to their driveway and the town pool safer and more attractive. In return, they have agreed to give the town $200,000. Porter said selectmen are inclined to support the easement article but want to negotiate with Waterfall after a decision has been made on the pool reconstruction project …
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Posted by Mike Berger
on Apr 26 2019. Filed under News, Town Government.
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