The town of Concord, Massachusetts, sold more than $58 million in bonds to make a series of improvements to the town’s public facilities.
More than 80% of the proceeds of the most recent issuance will go toward constructing a new middle school in the town, located in the suburbs northwest of Boston. The rest will go to a variety of capital improvements, including to its infrastructure, public schools, and basketball courts.
The bonds received a rating of Aaa from Moody’s Investors Service. The bonds mature between 2024 and 2053, with yields between 2.6% and 4.17% and an average interest rate of 3.88%.
The ratings “reflects a healthy financial position with strong fiscal management. The financial profile is stable although reserves are below-average for the rating category. The rating also incorporates a sizable and affluent tax base, below-average debt burden and well managed pension,” according to Moody’s.
The median family income in Concord is $152,318, more than double the median average income in Massachusetts. Unemployment in Concord is lower than state and national averages.
The bonds will be general obligations on Concord, backed by the full faith and credit of the town. In 2022, it collected more than $100 million in tax revenue, with more expected in 2023.
Mesirow Financial Inc served as lead underwriter on the issuance.