West Newbury Select Board Awards $2.08 Million Water Infrastructure Bond

WEST NEWBURY — May 6, 2025 — West Newbury Select Board unanimously awards a $2.08 million, 20-year general obligation bond at a fixed rate of 3.994617 percent to finance three water infrastructure projects. Hilltop Securities adviser Abby Jeffers explained that a sale premium covered all issuance costs and reduced the principal, with the final bond sized to match exactly the $2,080,000 advertised to the market. Brownstone Investment Group was the lowest bidder by true interest cost. Jeffers noted the town's AAA credit rating — the highest available — was reaffirmed for the sale, helping the town land below 4 percent during a week of significant market volatility tied to federal tariff uncertainty. The bond consolidates several years of short-term bond anticipation notes on the Church and Prospect Street water main replacements, the Breakneck water tank, and the well field chemical treatment building into a single level-debt-service structure with payments fixed for the life of the loan.