The Town of New Milford went to the Capital Markets and had a very successful sale of BANS and Bonds, and received a .149 percent borrowing rate, and 1.6 percent for a 20-year maturity. Mayor Pete Bass says this rate was 20 basis points lower than the Town of Fairfield at 1.8% and equivalent to a 1.58% rate obtained by Bethel both of whom are Aaa-rated communities.
The sale secured $9.3 million in bond anticipation notes to finance roads, bridges, and the final phase of the Library Renovation as well as converting $9 million in BANS to permanent bonds used for roads, roofs and the initial phase of the Library Project.
The Town underwent a ratings review with Moody’s Analytics in which New Milford's credit rating of Aa1 was upheld and the highest ratings for BANS, was awarded to New Milford. Moody’s cited “Strong liquidity and reserves, healthy financial profile and strong resident wealth” as key factors in supporting those ratings.