East Hartford, Connecticut, sold $25 million in bonds to finance various capital improvements across the town.
The bonds mature between 2025 and 2034, yielding between 2.11% and 2.48%. They received a rating of AA from S&P Global Ratings.
The bond proceeds will fund the rehabilitation of town roads and flood control systems, improvements to the town hall and other municipal buildings, and upgrades to the roofs at the town’s high school and middle school.
The town’s economy—and tax base—has long been anchored by a strong manufacturing presence, including the general headquarters of aerospace manufacturer Pratt & Whitney. The company is by far the largest employer in East Hartford, employing four times more people than the next-largest employer, according to the town’s commissioner of planning and development.
“East Hartford’s central location makes it very attractive to manufacturers and suppliers, many of whom have created or expanded a presence in the Town in recent years,” the official statement accompanying the sale of the bonds reads.
But like many other towns in the United States, East Hartford has seen the amount of residents working in manufacturing shrink in recent years amid technological advancements and as companies moved manufacturing operations overseas. Around half as many residents of the Hartford area work in manufacturing now as in 1990, according to the U.S. Bureau of Labor Statistics.
The bonds are general obligations of East Hartford, backed by its full faith and credit.
Raymond James & Associates served as underwriter on the issuance. Munistat Services, Inc acted as municipal advisor.