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FAIRFIELD, CT – Fairfield has received an AAA rating from Moody’s Investors Services and Fitch Ratings, according to a press release from the office of First Selectwoman Brenda Kupchick.
The rating allows the city to borrow money at a low rate, thereby saving taxpayer money, according to the press release. Moody’s specifically cited Fairfield’s “exceptional credit position” and that “the city’s economy and tax base are exceptionally healthy,” the press release said.
The city’s annual bond and ticket sale took place virtually Wednesday, with members of the bond committee, Selectwoman Nancy Lefkowitz, city treasurer Chris Tymniak, as well as chief financial officer Jared Schmitt. Long-term bonds in the amount of $ 28.4 million and short-term notes in the amount of $ 13.9 million were sold in the competitive market. Janney Montgomery Scott submitted the winning bid, with a record interest rate of 1.8% for 20-year bonds, which will help lower interest costs for taxpayers going forward.
Proceeds from the show will fund schools, general works and sewer upgrades. There were several notable projects in the funding, including the Mill Hill School expansion, road paving, and the Wastewater Treatment Plant Resilience Project. The list of projects also included $ 1.4 million to help clean up various sites contaminated by municipal landfill in previous years.
“These are great results for the city,” said Matthew Spoerndle of Phoenix Advisors, city councilor for the city, in the statement. “The number of bidders and exceptionally low rates are a testament to the city’s AAA rating and continued prudent financial management.
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