HAMDEN - Mayor Scott D. Jackson and Finance Director Sal DeCola on Tuesday announced  the town conducted a sale of $24 million in general obligation bonds with the lowest rate the town has received in 30 years.

The $24,815,000 in bonds were sold at a rate of 3.396 percent in connection with the permanent financing of already approved and underway capital projects, including the renovation of Memorial Town Hall, with the addition of a new police headquarters and refurbishment of the adjoining fire headquarters.

Also included in the mix are several annual capital improvement project packages that fund road paving, sidewalk repair, building improvements and more, Jackson said.

The projects were previously funded through short-term borrowing with bond anticipation notes.

 "Taking advantage of historically low interest rates in the market right now with a properly timed and carefully executed bond sale has achieved great long-term savings for the Town of Hamden," Jackson said in the prepared statement. "The low interest rate will save hundreds of thousands of dollars over the term of this capital expense. Our efforts to improve the town's overall financial condition is showing real time results." 

Last week, the town announced its bond rating stayed the same with Moody's and Standard & Poor's  but was downgraded a notch by FitchRatings.

###