Fairfield note sale achieves exceptional interest rate

Fairfield’s Bond Committee, which consists of the Board of Selectmen, town treasurer and fiscal officer, participated in a $20,266,000 Bond Anticipation Note (BAN) sale resulting in an interest rate of 0.171%, on July 11.

The town is very pleased with the successful results of this sale,” First Selectman Michael Tetreau said. “Funding town projects at these low rates saves Fairfield taxpayers a significant amount of money over the long term.”

The Bond Committee unanimously approved the BANs funding with JP Morgan, the winning firm that bid 0.171511%. A total of six firms bid on the $20,266,000 note sale.

Frank Cleary of Pullman & Comley, the town’s bond counsel, and Matthew Spoerndle of Phoenix Advisors, the Town’s financial advisor, were also present at the auction.

“Today’s results were outstanding,” Spoerndle said. “Considering the current rising and volatile interest rate environment, to get a winning rate that was virtually the same as last year’s is excellent. Clearly the town’s exceptional credit rating had a lot to do with the great results.”

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