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Branford Announces Savings of $1.68M with Refunding Bonds

On Wednesday, Nov. 3, the Town of Branford priced approximately $14.1 million in taxable refunding bonds through a negotiated sale underwritten by Piper Sandler. The refunding bonds will mature in 2032 and were priced at an effective rate of 1.707%. The refunding bonds will replace bonds issued in 2018 and will save the town $1,680,000 in debt service costs over the life of the bonds.

"I am pleased with the sale and the significant savings it will provide to the town," stated Branford Finance Director James Finch. Finch also thanked Branford First Selectman James B. Cosgrove, the Board of Finance and Representative Town Meeting (RTM) for their support in moving forward with the refunding.

First Selectman Cosgrove stated, "The savings is significant, and by taking advantage of favorable opportunities in the market, Branford is able to maintain low debt service levels while continuing to improve the town's infrastructure."

In advance of the bond pricing the S&P Global Ratings reaffirmed Branford's "AAA" bond rating, the highest assigned by S&P Global Ratings as noted in a press release (see related story).