Town of Essex Successfully Issues $6,000,000 General Obligation Bond

On Wednesday, September 6, 2017 the Town of Essex accepted bids for an issue of $6,000,000 of General Obligation Bonds.  A total of nine bond underwriters bid on the bond offering.  Janney Montgomery Scott LLC was accepted as the underwriter with the lowest True Interest Cost (TIC) of 2.429222%.  The Official Statement is available through the link below.  Prior to the bond issue, Standard & Poor’s performed a credit profile review and assigned the Town a long term rating of AA+.  This is an upgrade from our prior credit rating of AA2 with Moody’s.  The full S&P Global Rating report is also available through the link below.

The $6,000,000 General Obligation Bond provides the permanent financing for the capital improvement projects approved at the December 2014 referendum.  The projects are detailed here:

Capital Improvement Projects                                                                          
Project:  Infrastructure                                                           Total Estimated Cost:        $2,845,000
                Walnut Street Bridge                                                                      
                Ivory Street Bridge                                                                          
Project: Essex Elementary School                                            Total Estimated Cost:        $2,815,000
                Roof Replacement                                                                           
                Air Quality Improvements                                                                            
                Paving Renovations                                                                        
                Media Center Upgrades                                                                
                Fuel Conversion                                                               
Project: Town Hall                                                                  Total Estimated Cost:      $1,300,000
                Roof Replacement                                                                           
                Window Replacement                                                                   
                Fire Alarm System/vault suppression                                                                       
                Land Use Office Improvements                                                                  
                Air Quality Improvements                                                                            
                Toilet Room Improvements                                                                         
Project: Public Works                                                               Total Estimated Cost:        $525,000
                Roof Replacement                                                                           
                Heating System Replacement                                                                      
                Garage & Equipment Storage                                                                      
Project: Fire Department                                                          Total Estimated Cost:        $600,000
                Pumper Engine