Select Board unanimously approves $32.3 million bond anticipation notes sale for school project
June 10, 2026 | Scituate, Plymouth County, Massachusetts
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The Scituate Select Board voted unanimously on June 9 to approve the competitive sale of $32,300,000 in general-obligation bond anticipation notes for projects including school improvements.
Town staff reported the town received five bids for the borrowing. The winning bid was submitted by JP Morgan Securities at a coupon of roughly 3.5%; staff reported a premium and an overall net interest cost presented to the board as 2.60%. Board members praised town financial staff for maintaining the town’s strong rating and for securing favorable terms given recent market conditions.
A motion to approve the award of the notes to JP Morgan Securities LLC and to approve related sale documents and interest terms was made and the board voted unanimously to accept the award and documents. Board members noted they reviewed alternatives for longer-term permanent debt but said they would phase borrowing to avoid a spike in the tax rate.
The board did not alter the amount read into the record and directed staff to incorporate the adopted sale terms into the closing documents.
Town staff reported the town received five bids for the borrowing. The winning bid was submitted by JP Morgan Securities at a coupon of roughly 3.5%; staff reported a premium and an overall net interest cost presented to the board as 2.60%. Board members praised town financial staff for maintaining the town’s strong rating and for securing favorable terms given recent market conditions.
A motion to approve the award of the notes to JP Morgan Securities LLC and to approve related sale documents and interest terms was made and the board voted unanimously to accept the award and documents. Board members noted they reviewed alternatives for longer-term permanent debt but said they would phase borrowing to avoid a spike in the tax rate.
The board did not alter the amount read into the record and directed staff to incorporate the adopted sale terms into the closing documents.
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