For immediate release. Wednesday, October 7, 2020
CITY OF CHICOPEE, MASSACHUSETTS $4,480,000 GENERAL OBLIGATION REFUNDING BONDS NET 0.5486% REFUNDING SAVES $845,097
CHICOPEE – Marie Laflamme, City Treasurer, announced that the City of Chicopee received competitive bids from bond underwriters on Thursday, September 24, 2020, for a $4,480,000, 10-year general obligation bond issue. BNYMellon Capital Markets was the winning bidder of the Bonds with an average interest rate of 0.5486%. The City received a total of 3 bids on the Bonds. Bond proceeds will be used to refinance the City’s bonds originally issued December 1, 2010.
Marie Laflamme said, “I am pleased to announce to the taxpayers, that once again through refunding, we were able to generate savings of $845,097 over the remaining life of these bonds.” When told about the sale, Mayor John L. Vieau stated, “Positive news like this is reassuring during this time of uncertainty. I thank and congratulate our City Treasurer and the finance team, for their continued efforts to look for every opportunity to save money.”
Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the City’s ‘AA-’ bond rating. This was confirmed over a recent conference call with the City Treasurer Marie Laflamme, Assistant City Treasurer Jessica Hebert, City Auditor Sharyn Riley, and Planning Director Lee Pouliot. The rating agency cited the City’s budgetary flexibility, strong liquidity, and strong debt and contingent liability profile as positive credit factors.
The bids for the Bonds were accepted at the offices of the City’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts. Treasurer Laflamme and her staff remain committed to working diligently to uphold Chicopee’s continued financial stability on behalf of its residents.
Marie T. Laflamme, City Treasurer
Tel: (413) 594-1560