STAMFORD, Conn. -- The city of Stamford on Wednesday sold $45 million of 20-year, general obligation bonds at a true interest cost of 2.069 percent.
This is the lowest interest rate ever secured by the city and is significantly lower than rates obtained by other comparably sized municipalities around the country.
“This successful bond offering is affirmation to both our corporate and private citizens of Stamford’s solid financial health,” said Mayor David Martin. “This extremely low borrowing cost will allow the city to continue to invest in critical infrastructure projects. I would like to thank our director of administration, Michael Handler, acting director of OPM, Jay Fountain, and the Office of Administration’s financial team for their hard work locking in this incredibly low interest rate.”
In August 2014, the city issued $50 million in general obligation bonds at the borrowing cost of 2.67 percent, which at the time was one of the lowest rates in the city’s history.