East Lyme board approves $4.56 million in bond authorizations, will delay issuing debt
June 11, 2026 | East Lyme, Southeastern Connecticut Planning Region, Connecticut
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The East Lyme Board of Selectmen on June 11 unanimously approved two resolutions authorizing a total of $4,561,126 in bonds for town and school capital projects, but members said the town does not plan to issue the debt this year.
Selectman Kevin, who explained the town's financing plan during discussion, said the two authorizations and the town's cash capital together comprise roughly $5 million in capital projects for the year. "We're getting authorization to bond this money, but I just want to let the public know ... we do not anticipate using these bond proceeds this year," Kevin said, adding that the town will "float" the projects against reserves and borrow later for the portion actually spent to lower interest expense.
The first resolution would appropriate $3,974,425 for various public improvements and authorize the issuance of $3,974,425 in bonds. The second would appropriate $586,701 for Board of Education capital improvements and authorize $586,701 in bonds. Both resolutions were moved, seconded and adopted by voice vote; the meeting record shows voice approvals but does not list a roll-call tally.
Kevin said the approach is intended to "try to reduce the interest expense and better manage our cash flow," noting July tax collections and the ability to use the town's fund balance in the short term. "Five million dollars at, you know, 4% is, you know, even for six months ... that's quite a bit of interest we're saving," he said.
The board indicated the plan is to issue bonds later only for the portions of the projects actually expended — for example, if the town spends $3 million next year it would bond for that amount and replenish reserves. No formal schedule for issuing debt was included in the meeting discussion.
Votes at a glance
- Resolution authorizing $3,974,425 for various public improvements: adopted by voice vote (mover and seconder recorded in the minutes; no roll-call tally provided).
- Resolution authorizing $586,701 for Board of Education capital improvements: adopted by voice vote (mover and seconder recorded in the minutes; no roll-call tally provided).
The special meeting convened at 5:00 p.m., included a Pledge of Allegiance, and was adjourned at 5:06 p.m.
Selectman Kevin, who explained the town's financing plan during discussion, said the two authorizations and the town's cash capital together comprise roughly $5 million in capital projects for the year. "We're getting authorization to bond this money, but I just want to let the public know ... we do not anticipate using these bond proceeds this year," Kevin said, adding that the town will "float" the projects against reserves and borrow later for the portion actually spent to lower interest expense.
The first resolution would appropriate $3,974,425 for various public improvements and authorize the issuance of $3,974,425 in bonds. The second would appropriate $586,701 for Board of Education capital improvements and authorize $586,701 in bonds. Both resolutions were moved, seconded and adopted by voice vote; the meeting record shows voice approvals but does not list a roll-call tally.
Kevin said the approach is intended to "try to reduce the interest expense and better manage our cash flow," noting July tax collections and the ability to use the town's fund balance in the short term. "Five million dollars at, you know, 4% is, you know, even for six months ... that's quite a bit of interest we're saving," he said.
The board indicated the plan is to issue bonds later only for the portions of the projects actually expended — for example, if the town spends $3 million next year it would bond for that amount and replenish reserves. No formal schedule for issuing debt was included in the meeting discussion.
Votes at a glance
- Resolution authorizing $3,974,425 for various public improvements: adopted by voice vote (mover and seconder recorded in the minutes; no roll-call tally provided).
- Resolution authorizing $586,701 for Board of Education capital improvements: adopted by voice vote (mover and seconder recorded in the minutes; no roll-call tally provided).
The special meeting convened at 5:00 p.m., included a Pledge of Allegiance, and was adjourned at 5:06 p.m.
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