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.