STAMFORD, Conn. — The City of Stamford on Wednesday sold $50 million in 20-year, tax-exempt, general obligation bonds at slightly more than 2.2 percent - the lowest rate in the city’s history, a news release said.
“This successful bond offering is confirmation to our citizens, both private and corporate, of the continuing financial health and stability of our city, which allows us to make critical investments in our infrastructure at such an attractive low rate of interest,” Mayor Michael Pavia said in a release.
The bids were sold to William Blair & Co, LLC, one of 12 institutions who bid on Stamford’s bonds, the release said. The city’s bonds have a AAA rating from Standard & Poor’s and AA1 by Moody’s Investor Services, the release said.
“While most cities are struggling to manage their operating budgets, Stamford continues to successfully increase their reserve funds, which have led to the City’s strong credit quality and low borrowing costs,” Barry Bernabe, vice president of Webster Bank and financial adviser for the city, said in the release.