Bond Refunding Saves Milford $893,536
Milford Mayor Ben Blake has announced that the City will capture $893,536 in taxpayer savings by refinancing $16 million in bonds on a day when interest rates for municipal bonds were at record low levels, and subscriber demand for Milford bonds was high.
This initiative continues a series of cost cutting measures which help to make Milford government more cost effective. In addition to the tax relief found in the present bond refunding, the city realized savings of approximately $3.9 million in the last few years from four prior refunding issues.
“I am pleased to announce today the city will be refinancing $16 million in bonds, securing a very favorable 1.96 percent net interest rate on bonds which were originally financed at an average rate of 3.7 percent. The sale will yielded a total savings of $893,536, or 5.07 percent of the initial obligation. We were able to take advantage of existing market conditions to seize the opportunity and return $893,536to the taxpayers of Milford,” Blake said.
“This announcement is the result of outstanding planning, management and timing…” Blake said. “This is outstanding news for Milford. We will be able to use the savings to provide tax relief for upcoming budgets.”
Blake pointed out that in other parts of the country, agencies have downgraded bond ratings for cities or states that struggle to maintain obligations to retirees. Milford’s pension fund is fully funded, and the city has kept pace with requirements to fund retiree health care that is not seen everywhere.
Nice work, Ben!
Check out Ben’s office page on the City of Milford website here.
Bond Refunding Press Release 2-24-16
From the office of State Senator Gayle Slossberg – Press Release on Silver Sands State Park and Other Environmental Asset Protection
State Senator Gayle Slossberg (D-Milford) submitted a letter to legislators leading the General Assembly’s Environment Committee requesting that the committee raise legislation that would impact projects similar to the buildout at Silver Sands State Park. The bill requested by Slossberg would give members of the public the ability to request a new environmental impact evaluation if one has not been completed in the five years preceding the start of a new state development.
“Connecticut’s natural environment is one of the greatest resources this state has, and it is vital that we ensure state construction projects do not inadvertently damage it,” said Senator Slossberg. “Milford residents have raised valid concerns about the Silver Sands buildout being done based on a 24-years-old environmental impact evaluation. I believe that residents of Milford and communities throughout Connecticut have a right to call for an evaluation so as to better protect the areas they live from damaging development projects.”
Milford City leaders and numerous local residents held meetings this past year calling for the state’s Department of Energy and Environmental Protection (DEEP) to complete a new environmental impact evaluation at Silver Sands State Park. DEEP is in the process of building restrooms and a concession stand, as well as expanding the parking lot where they will charge for parking.
Senator Slossberg and hundreds of Milford residents have participated in public hearings on the project. A primary point of concern is that it has been 24 years since and environmental impact evaluation was conducted at Silver Sands. In that time, Hurricanes Irene and Sandy as well as other major weather events have struck Connecticut, greatly impacting shoreline communities like Milford. Residents are concerned that the planned construction projects could damage the shoreline and surrounding wetlands, harm local wildlife and potentially make the area more prone to flooding.
State Senator Gayle Slossberg Website: http://senatedems.ct.gov/Slossberg.php
Connecticut Governor Dan Malloy delivered his 2016 State of the State Address earlier this week at the State capitol before the Connecticut General Assembly.
For those who did not watch the speech a full text version of the State of the State Address has been provided by the Governor’s office. You can view the speech at the Governor’s website here:
Governor Dannel P. Malloy’s State of the State Address (February 2016)