The Mattapoisett Board of Selectmen met on Tuesday night to approve the town’s municipal bond refinancing plan. Mattapoisett had refinanced over $2 million in municipal bonds, including one for $550,000 for a new fire engine. The purchase of the vehicle was approved last year at town meeting and it is scheduled for delivery in a couple months.
The Town of Mattapoisett had originally accepted refinancing bids from various banks and a deal was ultimately signed with Unibank for a rate of 1.65% interest on the bond. As a result, the town will save $110,000 over the life of the bond.
Standard & Poor’s recently upgraded its rating of the town’s management practices from “standard” to “good.” This will allow the town to receive better rates when borrowing money such as the refinancing has shown.
According to S & P’s General Obligation Summary, “An FMA of good indicates that financial management practices exist in most areas, though not all might be formalized or regularly monitored by governance officials. The town has a comprehensive five-year capital plan that looks at both facilities and infrastructure improvements.” Town Administrator Mike Gagne reported that the town has made progress by ensuring level funding of the stabilization fund and other savings that reflect well for the town when being rated.
The Board of Selectmen also voted to approve the ballot for the presidential primary, to be held on March 6, 2012.
By Eric Tripoli