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On behalf of The Town of Barnstable, Massachusetts, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by Barnstable, as it allows us to make critical investments in public infrastructure throughout the Town. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of the Town of Barnstable. Please do not hesitate to contact our office with suggestions on how we can improve. Thanks again for your interest in our bond program.
Mark Milne, Director of Finance
The Cape Cod Hospital (CCH) patient care tower, which will be located on the southwest end of the hospital and will become the new main entrance area to the hospital, will advance the organization’s ability to provide locally accessible and high-quality care by enhancing key service areas, like cardiac, cancer, intensive care, women’s health and medical surgery.
The new patient care tower will:
The new patient care tower is expected to create 80 new jobs at CCH, 250-300 construction jobs over the course of the three-year project, and multiples of support jobs in the community.
The Town of Barnstable was selected for the Opportunity Zone Program created by the Tax Cut and Jobs Act of 2017. More information can be found here: https://www.businessbarnstable.com/opportunity-zone
Debra Blanchette, Town Treasurer, announced that the Town received competitive bids from bond and note underwriters on Wednesday, February 6, 2019, for a $10,540,000, 20-year bond issue and a $2,052,950, 1-year taxable note issue. Morgan Stanley & Co., LLC was the winning bidder on the Bonds with an average interest rate of 2.52%. Oppenheimer & Co., Inc. was the winning bidder on the Notes with a net interest cost of 3.05%. The Town received a total of 9 bids on the Bonds and 3 bids on the Notes. Bond and Note proceeds will be used to finance various capital projects.
Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the Town’s ‘AAA’ bond rating, the highest rating attainable. The rating agency cited the Town’s very strong economy, very strong management with strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility, very strong liquidity, strong debt and contingent liability profile, and strong institutional framework as positive credit factors.
The bids for the Bonds and Notes were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.