DARIEN, Conn. -- The town of Darien recently announced a successful bond issuance of $3.1 million with Morgan Stanley& Co submitting the winning competitive bid.
Proceeds will be used to permanently finance the purchase of property on Short Lane, as well as the purchase of a new police boat, installation of an upgraded heating system at the Board of Education Offices and a variety of paving projects, according to a press release.
The fixed-rate, municipal bonds have maturities ranging from two to 10 years and a true interest cost of 1.74 percent, including bond premiums.
In rating the bonds, Moody’s Investors Service stated Darien has a “sound financial position supported by formal financial policies and long-term planning”. They also noted Darien’s strong underlying economy, sizable tax base and above-average wealth indicators.
Darien, Moody's said, benefits from its proximity to the New York City, Westchester County and Fairfield County employment centers. Moody's also noted the town’s low debt levels and manageable pension liabilities.
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