Bond sale for MHS field

Mike Sullivan today shared the information on the July 25 bond sale for the new MHS field –

The debt schedule for the high school field and track renovation is attached. Georgia will be at Tuesday’s Selectmen’s meeting with the votes you need to make and the documents you need to sign. Please note that the Treasurer elected to go with a 15 year bond, which will result in annual principal payments of $100,000/year. Also, the net interest cost is 1.63 %, while the annual coupon rates range from 2% to 4%. The reason for this is that the low bid included a $45,000 premium payment, which will reduce the net interest cost. The issue was sold on the 25th of July, rather than the 27th to try to lock in a lower rate in case the Federal Reserve Board announced it’s intention to raise interest rates this year. Mike S

20160725-Bonds-MHS field

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