Mendon-Upton RSD, MA $6,985,000 General Obligation School Bonds Net 1.73%; Refunding Saves $911,050
Dr. Joseph Maruszczak, Mendon-Upton Regional School District Superintendent of Schools announced that the District received competitive bids from bond underwriters on Tuesday, June 3, 2014, for a $6,985,000 General Obligation School Bond issue. Morgan Stanley & Co, LLC was the winning bidder on the Bonds with an average interest rate of 1.732%. The District received 5 bids on the Bonds. Bond proceeds will be used to partially refinance bonds of the District dated March 15, 2005 (from the construction of the Clough and Memorial Elementary Schools), as well as permanently finance bond anticipation notes originally issued for the Miscoe Hill School Green School Repair Project. The refinancing will generate total savings of approximately $911,050 for the Towns of Mendon and Upton over the life of the bonds. The Mendon-Upton Regional School District approved this refinancing at its meeting of June 9, 2014.
Prior to the sale, Standard and Poor’s, a municipal credit rating agency, assigned the District’s long-term rating of “AA+“. The agency cited the District’s member towns’ (Mendon and Upton) strong credit characteristics, the District’s stable financial position with consistent general fund results and good cash reserves, and low overall net debt burden, coupled with limited capital needs as positive credit factors.
The bids for the Bonds were accepted at the office of the District’s Financial Advisor, First Southwest Company, at 54 Canal Street in Boston, Massachusetts
UPTON DAILY 