[VIDEO] The City of Shelton outperformed initial estimates to ultimately save a little over $3 million with successful completion of the bond refunding process. Director of Financial Services, Aaron BeMiller, provided an update to the Shelton City Council Tuesday night.
The bond sale took place on October 14 and exceeded the City’s savings estimates. The number of orders for City bonds was well in excess of the number available for sale, which allowed the City’s underwriters and financial advisor to make some adjustments to maximize savings.
Total savings over the life of the bonds is about $3 million, and the final maturity of the longer-term bonds moved from 2052 to 2047. The bond process will close on October 28.
As part of the bond refunding, the City went through a bond rating process and received an A+, with a stable outlook, credit rating from Standard & Poor’s (S&P). S&P considered Shelton’s economy, debt structure, financial condition, demographic factors, and the municipality’s management practices when determining the rating.